India’s gold demand fell 30%, but ‘cautious optimism’ may be returning

Somasundaram explained that demand for gold between July to September tends to be relatively low, driven by seasonal factors such as monsoons and inauspicious periods. The drop in demand for gold jewelry was also due to many festivals and weddings being canceled or postponed due to the"On the other hand, gold's safe haven attributes and an anticipation of price rise paved the way for an increase in investment demand for gold bars and coins," he added.

Though there are expectations for some pent-up demand to surface in the current quarter, it is unlikely to offset a decline in full-year gold demand for India, according to the World Gold Council. "However as we are still reeling under the impact of the pandemic and fear of second wave of infections without clear sight of many variables on consumer behaviour, volatile prices or length of the disruptions, we will not be able to quantify the impact on the full year gold demand in India other than to say that demand could be multi-year low," Somasundaram said.

Though overall demand for gold fell, the three months saw a significant uptick in investment demand which rose 21% year-on-year as investors bought gold bars, coins and gold-backed ETFs.

They are buying Bitcoin instead

That's great...please make it a bit cheaper!

Price drop for gold? Time to buy?

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