Gold- 2nd quarter on positive trend

India’s gold demand drooping 38 % in the 2nd quarter of the current calendar year on consumers abstaining from fresh orders due to prices repeatedly hitting record high.
As per the most recent report by the World Gold Council (WGC), gold demand in the 2nd quarter was recorded at 109 tonnes in the quarter ended June this year as compared to 175.1 tonnes in the corresponding quarter last year. Jewellery and net retail investment demand plunged by 31 % and 56 % to 88 tonnes and 21 tonnes, respectively.
Gold’s demand in the recession - hit economies including the US and EU recovered in the 2nd quarter which was well supported by the about 40 % spurt in overall Chinese consumption, thereby, showing a recovery in worldwide retail investment demand of 12 % at 165.7 tonnes.While global jewellery demand slipped by 22 per cent at 404.1 tonnes thus, taking an overall utilization at 569.7 tonnes in the 2nd quarter of the current year, 14 % lower than the same period previous year.but gold demand in India improved from the exceptionally weak level witnessed in the previous quarter, but remained well below of the level in the corresponding quarter of the previous year.

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