Gold investments fall to 7 tonnes in Q3CY19 in worst-ever quarterly offtake

Buyers shy away ahead of festive season as the precious metal trades at prohibitive prices; Karigars forced out of work

With gold trading at an all-time high in India, consumers stayed away from buying jewellery or even investing in the metal during the September quarter of 2019.

India’s consumption of gold for jewellery was just 54 tonnes, while investment demand fell to the lowest-ever quarterly level of just seven tonnes, According to the GFMS Gold Survey, Q3 2019 released today. The survey is based on the calendar year.

Jewellers have not increased gold purchases for making ornaments, anticipating lower demand. Fabrication demand was as low as 62 tonnes.

Debajit Saha, Senior Analyst-Precious Metals Demand, GFMS, India and UAE, said, “Investment