World Gold Council: India Gold Demand to Surge in 2022

The muted wedding celebrations on account of pandemic restrictions have resulted in more savings, which in turn is seen flowing into gold purchases.

SEATTLE (Scrap Monster): The World Gold Council expects gold demand in India to rise further in 2022. The retail jewellery sales in the country will witness notable surge during the year, mainly driven by pent-up demand and an improvement in consumer confidence. It must be noted that gold consumption had witnessed a surge of 79% in 2021.

According to PR Somasundaram, Regional CEO of WGC’s Indian operations, gold consumption is likely to range between 800 and 850 tonnes during the current year. The consumption had hit a six-year peak of 797.3 tonnes in 2021. The country’s gold demand has averaged at 769.7 tonnes over the past decade, he noted.

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The muted wedding celebrations on account of pandemic restrictions have resulted in more savings, which in turn is seen flowing into gold purchases. The restrictions imposed by various State governments on the maximum number of people allowed to attend public functions have led to postponement of many marriages into 2022. The gold prices have receded from the record high levels witnessed in August last year, which will further boost gold purchases.

The demand for gold coins and bars is expected to remain healthy in 2022. WGC said. The country’s investment demand had surged higher significantly by 43% in 2021 to total 186.5 tonnes.

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