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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Country all set to take historic step for women empowerment in special sitting of Parliament: PM Mod
New Delhi (PTI): Prime Minister Narendra Modi on Thursday asserted that his government is resolutely moving forward for empowerment of women in the three-day special sitting of Parliament.
His remarks came ahead of the start of the special sitting during which the 'Nari Shakti Vandan Adhiniyam', commonly known as Women Reservation Act, will be amended for its implementation in 2029.
"In the special sitting of Parliament, beginning today, our country is all set to take a historic step towards women's empowerment. The respect for our mothers and sisters is the respect for the nation, and with this very spirit, we are moving forward resolutely in this direction," Modi said in a post on X in Hindi.
As per the Constitution amendment bill, Lok Sabha seats will be increased to a maximum of 850 from the current 543 to "operationalise" the women's reservation law before the 2029 parliamentary polls following a delimitation exercise to be carried out on the basis of last published census.
Seats would also be increased in state and Union territory assemblies to accommodate 33 per cent reservation for women.
The seats reserved for women in Lok Sabha and legislative assemblies "shall be allotted by rotation to different constituencies in a state or Union territory," the bill circulated among Lok Sabha members said.
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