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India gold demand surges in 2021, jewellery purchases almost double: World Gold Council

The spurt in demand in Q4 is less likely to be repeated in 2022, though the revival will continue to set a new normal above pre-pandemic levels, the WCG said

January 28, 2022 / 06:15 PM IST
Representative image

Representative image

Gold demand in India overcame pandemic woes to stage a remarkable recovery, surging 79 percent in 2021 on the back of pent-up purchases in the last quarter of the year.

Demand for the precious metal climbed to 797.3 tonnes last year from 446.4 tonnes in 2020, the World Gold Council said in a report on January 28.
“India’s gold demand recovered by 79 percent, chiefly a result of an exceptional Q4 demand of 343 tonnes that surpassed even our most optimistic expectation articulated in Q3 and turned out to be the best quarter in our recorded data series,” said Somasundaram PR, regional CEO, India, World Gold Council.

Gold demand in September-December increased 85 percent from 186.2 tonnes a year earlier.

Gold jewellery demand almost doubled in 2021, surging past pre-pandemic levels to reach a six-year high of 610.9 tonnes, an increase of 93 percent from 315.9 tonnes in the previous year. Jewellery demand in the fourth quarter rose 93 percent over the same period a year ago to 265 tonnes, fuelled by weddings and the festival season.