India’s gold demand fell 30%

Aruba, November 2, 2020India’s gold demand fell 30%, but ‘cautious optimism’ may be returning

Gold demand in India fell 30% year-on-year between July to September but a sense of “cautious optimism” has returned in the market, according to the World Gold Council.
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.
Globally, demand for gold declined 19% year-on-year to 892 tonnes for the July-September quarter — it was the lowest quarterly total since 2009.
For the first time in a decade, central banks generated 12.1 tonnes in net sales of gold in the July-September quarter.

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