India's gold consumption in the second quarter of this year surged 13% on a year on year basis to 213.2 tonnes on impressive jewellery and investment demand, helping India surpass China as the biggest consumer of the metal in the world for the first time since the December quarter of 2013, the World Gold Council (WGC), noted in its latest Gold Demand Trends update. Indian jewellery demand had its best quarter of y-o-y growth since Q2 2017. Demand gained 18.7t (12%), to 168.6t compared with 149.9t in Q2 2018, largely due to two factors: a higher number of auspicious wedding days compared with 2018, and local gold prices moving lower from the levels seen in February and March. Wedding season and festival-buying spurred by lower intra-year gold prices in April and May.
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