Gold demand sinks in April-June quarter due to Covid-19 lockdown

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New Delhi July 31: The Global pandemic coronavirus disease (Covid-19) has also badly affected the gold business across the world.

Due to coronavirus disease, almost every country is facing umpteen problems currently. One of which is a rapidly increasing loss in business. Corona’s havoc can be clearly seen in the global market. Investors are afraid of losing money. This is why they are not investing in the market.

Gold demand due to corona and to countrywide lockdown has decreased worldwide. Global demand has fallen by 11 percent.

At the same time, gold has been greatly affected in India. Here too the demand has fallen badly.

According to the report of the World Gold Council, there has been a 70 per cent drop in volume and 57 per cent in value in the April-June quarter in India after the lockdown. At the same time, consumer’s jewellery demand decreased by 63 percent.

As per WGC, gold recycling has decreased by 64 percent. Gold import has also fallen by 95 percent. Even though people have bought less gold, people have increased focus on gold investment in the country. Investors have invested in Electronic Fund Transfer (EFT) more than gold bars and coins. Not only India but global EFT investment has seen a jump of 300%.

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