Mumbai : Gold demand in India for the second quarter of 2014 calender year declined by 39 per cent to 204.1 tonne compared to the overall demand in the same quarter last year on expectations of prices going down, according to World Gold Council report.
Total demand for the same quarter of 2013 stood at 337.0 tonne, the WGC Q2 Demand Trends report said.
India’s Q2 2014 gold demand value fell by 41 per cent to Rs 50,564.3 crore, compared to Rs 85,533.8 crore in Q2 2013.
“The consumer expectations of prices to drop to Rs 25,000 and uncertainty created by the general elections also affected the demand during the quarter. “However, considering the long term average of the last five years, demand in Q2 remains robust, particularly considering the impact of a policy squeeze and other economic factors that have affected savings in general,” WGC Managing Director, India, Somasundaram PR told PTI.
The total jewellery demand for Q2 2014 also saw a decline of 18 per cent at 154.5 tonne compared to 188 tonne in the same quarter of last year. The value of jewellery demand was at Rs 38,269.5 crore, a fall of 20% from Q2 2013 (Rs 47,716.2 crore).