India’s gold demand back to pre-Covid levels

The demand for gold in India has surged to pre-pandemic levels as the country recovers from two Covid-19 waves and is in the middle of the October-December festive season.

A drop in global prices and the release of pent-up demand are also fuelling this surge in the world’s second-biggest gold market.

According to the World Gold Council, gold demand in the July-September quarter jumped 47% year-on-year to 139.1 tonnes, compared with 94.6 tonnes in the year-ago period. In value terms, the demand rose 37% from last year at 593.3 billion rupees (US$7.9 billion) during the recently concluded quarter.

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