India's gold demand falls 15 pc in Jan-Mar to 118.1 tonnes on high prices: WGC
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New Delhi (PTI): India's gold demand witnessed a 15 per cent on-year decline to 118.1 tonnes in the January-March quarter of this year, even as value grew by 22 per cent to Rs 94,030 crore due to surging prices, the World Gold Council (WGC) said on Wednesday.
According to the WGC forecast, India's gold demand for 2025 is expected to be between 700-800 tonnes.
Gold prices have risen 25 per cent since the beginning of 2025, approaching the key psychological threshold of Rs 1,00,000 per 10 grams, affecting consumer buying patterns.
"The elevated prices have impacted affordability. Yet, the enduring cultural significance of gold, especially ahead of Akshaya Tritiya and the upcoming wedding season, continues to support buying sentiment," WGC India CEO Sachin Jain said in its quarterly report.
According to experts, the gold market is humming with excitement on the auspicious occasion of Akshaya Tritiya, which holds immense cultural significance in India, traditionally marking a surge in gold purchases.
Record prices have pushed consumers towards smaller, lightweight pieces, with some postponing purchases hoping for price dips. Despite this, wedding-related demand remained relatively stable given its essential nature.
Experts believe, while the current price levels might prompt some to exercise caution, the inherent cultural significance of gold during Akshaya Tritiya, coupled with its enduring status as a reliable asset, suggests continued positive momentum in buying, they added.
Investment demand, however, remained resilient with a 7 per cent rise to 46.7 tonnes, from 43.6 tonnes in the corresponding period.
Moreover, amid financial market uncertainty, gold's role as a safe asset has become more pronounced, and got reflected in a sharp uptick in demand for gold bars and coins.
However, jewellery demand declined by 25 per cent to 71.4 tonnes during the first quarter of 2025 calendar year, from 95.5 tonnes in the year-ago period. This was the lowest volume since 2020, though value was 3 per cent higher year-on-year, according to WGC.
Gold imports rose 8 per cent to 167.4 tonnes in the January-March quarter, while recycling fell 32 per cent to 26 tonnes, as consumers held onto their gold amid record prices.
The average quarterly gold price in the first quarter of this year was Rs 79,633.4 per ten grams, compared to Rs 55,247.2 in Q1 2024.
Meanwhile, global gold demand has increased 1 per cent to 1,206 tonnes in the January-March quarter of 2025 -- the highest first-quarter level since 2019.
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Siddaramaiah congratulates Shivakumar on completing six years as Cong state chief
Bengaluru (PTI): Karnataka Chief Minister Siddaramaiah on Tuesday congratulated his deputy D K Shivakumar on completing six years as the Congress state president.
He hailed Shivakumar's organisational skills and commitment to the party despite being "harassed" by the BJP in false cases.
"Congratulations to Deputy Chief Minister D K Shivakumar on completing six years as the Karnataka Pradesh Congress Committee (KPCC) president," Siddaramaiah said in a post on 'X'.
Shivakumar's organisational skills, ideological commitment and hard work are an example for all the young leaders of Congress, he said.
"Despite being harassed by the opposition BJP by filing false cases, Shivakumar has remained loyal to the party without giving in and is a testament to his uncompromising loyalty to the Congress party. This is an inspiring behavior for lakhs of Congress party workers," the CM said.
He lauded Shivakumar, saying that he worked day and night along with party leaders and workers to defeat the communal forces and bring the Congress party to power.
"Shivakumar has stood shoulder to shoulder with me in rebuilding the state as a garden of peace for all races. Shivakumar, who is younger than me, has a bright political future," Siddaramaiah said.
He said that it is a common desire to bring the Congress party to power in 2028. "I will also be with the party in organising and fighting for this."
Siddaramaiah congratulating Shivakumar comes on a day where the latter is going to throw a dinner party for Congress MLAs.
All eyes are set on the outcome of the "dinner meeting", which is happening in the midst of the power tussle in the ruling Congress between Siddaramaiah and Shivakumar.
