India’s gold demand in the fourth quarter is expected to recover after falling 30% in the previous quarter as festivals are expected to strengthen retail jewellery purchases, the World Gold Council (WGC) said. India’s gold demand in the first three quarters fell 49% from a year earlier to 252.4 tonnes as coronavirus-triggered lockdowns hit jewellery demand, the WGC said in a report. While overall gold consumption fell, demand for coins and bars, known as investment demand, jumped 51% in the third quarter as rising prices attracted investors, the WGC said. Scrap gold supplies jumped to 41.5 tonnes in the third quarter, the highest in seven years, as record prices and stress on household finances prompted consumers to liquidate their old trinkets and jewellery, according to the WGC.

(Business World)