- Gold demand in India during the third quarter of 2023 increased by 10% to 210.2 tonnes, driven by softer gold prices and festive demand.
- India’s gold imports rose to 220 tonnes during Q3 of 2023, up from 184.5 tonnes in the same period the previous year.
- The correction in local gold prices from record highs and the festive season in South India were the major drivers of growth in jewellery demand during the quarter.
- Bar and coin investment in India reached the highest for a third quarter since 2015.
- While Q4 is expected to receive a seasonal boost due to festivals and wedding purchases, a sharp price rise could delay the release of pent-up demand.