Overall gold demand during the quarter was at 159 tonnes against 151.5 tonnes in the corresponding previous quarter. “The strengthening of the rupee and the fall in local gold prices towards the later part of the quarter triggered a rise in Q1 (first-quarter, January to March) gold demand. Growth of 5 per cent in Indian jewellery demand to 125.4 tonnes uplifted global demand and boosted retail sentiment,” said Somasundaram P.R., managing director-India, World Gold Council. In value, jewellery demand grew 13 per cent to Rs 37,070 crore against Rs 32,790 crore in the same quarter of 2018. In value terms, gold investment demand went up by 12 per cent to Rs 9,940 crore from Rs 8,890 crore in first quarter of 2018.

Source: The Telegraph May 02, 2019 19:41 UTC