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Indian Wedding Demand Boosts Gold Sector

May 2, 2019 6:08 AM   By Rapaport News
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RAPAPORT... Global demand for gold jewelry rose 1% year on year to 530.3 tonnes in the first quarter, buoyed by strong demand from the Indian market, the World Gold Council (WGC) reported Thursday.

The market for gold jewelry in the country grew 5% to 125.4 tonnes in the three months ending March 31, as local prices for the metal dropped sharply in the first week of March. Consumers took advantage of the lower prices to make wedding-related purchases, as the number of auspicious days for getting married was three times higher than in the same period the year before.

The rise in India outweighed a 2% slowdown in Chinese demand to 184.1 tonnes, despite a boost from the Lunar New Year holiday. Purchases in the country softened under the volatile economic conditions and fears related to the international trade war, the WGC explained. US demand grew 1% to 24 tonnes — the highest for a first quarter in 10-years.

Global demand for gold in all forms — such as bars and coins, and for technology, finance, and investment — remained flat at 1,150 tonnes.

Image: Gold jewelry. (Pixabay)
Tags: Gold demand, Rapaport News, WGC, World Gold Council
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