Gold need in India plunged 70 percent throughout the April-June quarter to 63.7 tonnes compared to the same period in 2015 primarily due to the nationwide lockdown to avoid the spread of COVID-19 and high costs, according to a World Gold Council (WGC) report.
General gold demand in the nation was 213.2 tonnes during the 2nd quarter of 2019, WGC said in its ‘Q2 Gold Need Trends’ report.
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In regards to worth, India’s gold demand during the second quarter of this year was Rs 26,600 crore, down by 57 per cent compared to62,420 crore in the corresponding period of 2019.
The overall jewellery demand in India for the second quarter of 2020 decreased by 74 per cent at 44 tonnes compared to 168.6 tonnes in the same quarter of 2019.
Jewellery need, in worth terms, fell by 63 percent throughout the April-June this year at18,350 crore from49,380 crore in the matching period last year.
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Total investment demand for Q2 2020 decreased by 56 percent to 19.8 tonnes during the quarter under review versus 44.5 tonnes last year.
In worth terms, gold Financial investment demand during the 2nd quarter witnessed a dip of 37 per cent at 8,250 crore from13,040 crore.
Total gold recycled in the nation also saw a decrease of 64 percent during April-June quarter at 13.8 tonnes from 37.9 tonnes in Q2 of 2019 as refineries were closed due to the nationwide lockdown.
Likewise, total gol