MUMBAI: The gold call for in India declined by 12 in step with cent in the first quarter of this year to 115.6 tonne compared to the similar period ultimate year because of prime local gold worth, the World Gold Council (WGC) mentioned in a file.
The total call for stood at 131.2 tonne in the January- March period in 2017, WGC mentioned in its 'Gold Demand Trends' file for Q1 2018. In phrases of price, the gold call for fell by 8 in step with cent to Rs 31,800 crore, compared to Rs 34,440 crore in the similar period of 2017.
"The decline in demand can be attributed to a number of reasons, including the rising local gold prices, a substantial drop in the number of auspicious wedding days during the period compared to the previous year, and anticipation of an import duty cut in the Union Budget," WGC, India, Managing Director P R Somasundaram advised PTI right here.
"The transition to GST, especially by the unorganised sector, also affected demand to a certain extent," he mentioned. Also, the business sentiment was once subdued following the (PNB) financial institution rip-off, which persevered till 'Akshaya Tritiya', he added.
The jewelry call for in India for the first quarter dipped by 12 in step with cent to 87.7 tonne, compared to 99.2 tonne in the similar period of 2017. In price phrases, the jewellery call for right through the period dropped by 7 in step with cent to Rs 24,130 crore, from Rs 26,050 crore in the corresponding period ultimate year.
The total investment call for for January-March was once down by 13 in step with cent at 27.nine tonne in opposition to 32 tonne in the similar quarter ultimate year.
In price phrases, the gold investment call for in the first quarter of this year was once Rs 7,660 crore, a fall of nine in step with cent from same period of 2017, which stood at Rs 8,390 crore.
The total gold recycled in India additionally declined by 3 in step with cent right through the first quarter of 2018, to 14.1 tonne from 14.5 tonne in the similar period of 2017.
"The first quarter in India is not naturally a dynamic period for gold as people usually settle their other financial commitments for tax purposes. Moreover, there was also no catalyst like duty cut to trigger demand," Somasundaram mentioned.
Meanwhile, the gold imports declined by 50 in step with cent in the first quarter of this year to 153 tonne compared to 260 tonne in the similar period ultimate year.
"The imports declined mainly on account of subdued consumer demand, down stocking following the GST transitional period and also on expectations of duty cut in budget," he added.
Asked about imports this year, Somasundaram mentioned the gold cargo into the rustic may be on an identical lines with call for.
For the overall year of 2018, he mentioned, the gold call for in India is expected to be in the range of 700"800 tonne.
"We are positive about the gold call for going forward because of expectation of higher monsoon, upper rural income and total GDP enlargement. The compliance usual is rising and in the long run its going to be positive and change into the trade," he mentioned.
The total call for stood at 131.2 tonne in the January- March period in 2017, WGC mentioned in its 'Gold Demand Trends' file for Q1 2018. In phrases of price, the gold call for fell by 8 in step with cent to Rs 31,800 crore, compared to Rs 34,440 crore in the similar period of 2017.
"The decline in demand can be attributed to a number of reasons, including the rising local gold prices, a substantial drop in the number of auspicious wedding days during the period compared to the previous year, and anticipation of an import duty cut in the Union Budget," WGC, India, Managing Director P R Somasundaram advised PTI right here.
"The transition to GST, especially by the unorganised sector, also affected demand to a certain extent," he mentioned. Also, the business sentiment was once subdued following the (PNB) financial institution rip-off, which persevered till 'Akshaya Tritiya', he added.
The jewelry call for in India for the first quarter dipped by 12 in step with cent to 87.7 tonne, compared to 99.2 tonne in the similar period of 2017. In price phrases, the jewellery call for right through the period dropped by 7 in step with cent to Rs 24,130 crore, from Rs 26,050 crore in the corresponding period ultimate year.
The total investment call for for January-March was once down by 13 in step with cent at 27.nine tonne in opposition to 32 tonne in the similar quarter ultimate year.
In price phrases, the gold investment call for in the first quarter of this year was once Rs 7,660 crore, a fall of nine in step with cent from same period of 2017, which stood at Rs 8,390 crore.
The total gold recycled in India additionally declined by 3 in step with cent right through the first quarter of 2018, to 14.1 tonne from 14.5 tonne in the similar period of 2017.
"The first quarter in India is not naturally a dynamic period for gold as people usually settle their other financial commitments for tax purposes. Moreover, there was also no catalyst like duty cut to trigger demand," Somasundaram mentioned.
Meanwhile, the gold imports declined by 50 in step with cent in the first quarter of this year to 153 tonne compared to 260 tonne in the similar period ultimate year.
"The imports declined mainly on account of subdued consumer demand, down stocking following the GST transitional period and also on expectations of duty cut in budget," he added.
Asked about imports this year, Somasundaram mentioned the gold cargo into the rustic may be on an identical lines with call for.
For the overall year of 2018, he mentioned, the gold call for in India is expected to be in the range of 700"800 tonne.
"We are positive about the gold call for going forward because of expectation of higher monsoon, upper rural income and total GDP enlargement. The compliance usual is rising and in the long run its going to be positive and change into the trade," he mentioned.
India's gold demand falls by 12% in first quarter: WGC
![India's gold demand falls by 12% in first quarter: WGC]()
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May 03, 2018
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