Economy Updates

The India trend is contrary to global demand for gold, which went up by 34 per cent YoY to 1,234 tonnes, the highest since Q42018. India’s gold demand fell sharply in the March quarter when the commodity’s prices rose and there were fewer days regarded auspicious to buy it. Total demand in the first quarter of 2022 was down by 18 per cent to 135.5 tonnes, and jewellery demand was down 26 per cent to 94.2 tonnes, on a year-on-year (YoY) basis. Read :- Elon Musk on fun trail, says buying Coca-Cola, McDonald's next The trend was contrary to global demand for gold, which went up by 34 per cent YoY to 1,234 tonnes, the highest since Q4'2018. Global demand was led by... read more

About 2.5 million ceremonies are estimated to have taken place since mid-November, around a quarter of this year's expected annual total.  A quick glance at social media feeds in India over the past month shows a flurry of weddings as couples rush to tie the knot following a lifting of some virus curbs. About 2.5 million ceremonies are estimated to have taken place since mid-November, around a quarter of this year’s expected annual total, after the government eased some restrictions around gatherings. It’s a stark turnaround for India’s jewelers, who have seen demand hammered for almost two years as the coronavirus led to the postponement of many weddings -- a key source of demand for the nation that considers buying and gifting of gold as auspicious -- while broader financial hardship further curbed purchases. The bumper festival season may help push India’s gold imports to as much as 900 tons this year, the highest in six years, Metals Focus Ltd said. That’s up from about 350 ton...