Skip to content

High Prices Set to Dent Gold Sales in Second-Biggest Buyer India

  • Demand drops 18% from a year earlier in first quarter
  • Old jewelry sales to jump to 100-120 tons this year: WGC
Video player cover image
WGC: Gold Remains Resilient Amid Heightened Uncertainty

Gold demand in India, the world’s second-biggest consumer, could take a bigger beating if prices continue to spiral upward and inflation squeezes disposable incomes, according to the World Gold Council.

Sales slumped 18% from a year earlier and imports plummeted by more than half in the January-to-March period as prices surged and a fresh outbreak of coronavirus kept people away from stores, the London-based promotion group said. Fewer auspicious days for weddings, a key source of demand, and the decision by many households to delay purchases in anticipation of a price correction also added to the decline, it said.