WGC: India Retail Gold Investment Driven by Festival Buying

SEATTLE (Scrap Monster): The World Gold Council (WGC) Gold Demand Trends Q2 2022 report denotes that festival purchases lifted retail gold investment in India during the quarter.

The bar and coin demand totalled 30 tonnes in Q2 this year, significantly higher by 20% over the prior year quarter. The demand totalled 72 tonnes during the first six months of 2022, higher by 11% than H1 2021. The heightened bar and coin investment in Q2 was supported by robust festival purchases during Akshaya Tritiya. Meantime, WGC noted that the Q3 investment demand is likely to remain somewhat subdued.

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The Turkish bar and coin demand reported another weak quarter, with demand falling 42% below the five-year quarterly average. The demand during H1 this year was the weakest since 2016. The growth in the Middle East region was mainly driven by Iran, which saw its investment demand almost double over the previous year.

The retail investment demand in the U.S. slowed during Q2. The European investment volumes also eased slightly from its peak. The Q2 bar and coin investment demand rose 10% in Indonesia. Thailand and Vietnam recorded surge in demand by 15% and 5% respectively. The bar and coin demand in Singapore too witnessed year-on-year growth of 43% in Q2 this year, WGC report said.