India's gold demand fell 32% in Sep quarter on weak sentiment, high prices

WGC cuts full-year forecast for 2019 to 700 tonnes from 750-800 tonnes estimated projected earlier

India’s gold demand for the July-September 2019 quarter (third quarter, or Q3) declined 32 per cent to 123.9 tonnes, thanks to a weak consumer sentiment and high prices. This was not only the weakest quarterly gold demand since the June quarter of 2016, but also one of the weakest third quarters since 2005. Worse, a large part of the jewellery demand during the quarter was met by sale of old jewellery. The demand for investment in gold also fell during Q3 — by 35 per cent year-on-year to 22.3 tonnes.

The World Gold Council Gold Demand Trend report, released on