Market Update: India’s Gold Demand Drops 17% in March Quarter

India’s Gold Demand Contracts 17% in January-March Quarter Due to Record High Prices and Volatility

The first quarter of 2023 witnessed a significant decline in India’s demand for gold, with a contraction of 17% year-on-year to 112.3 tonnes. This decline can be attributed to the combination of record-high gold prices and increased market volatility. Providing further insight, Somasundaram PR, the CEO of the World Gold Council in India, expressed that the challenges will persist throughout the year, making it difficult for the market to reach the levels seen last year, which amounted to 774 tonnes.