Somasundaram PR, the managing director of the World Gold Council (WGC)’s Indian operations, said in a statement on Thursday, India’s demand for the precious metal is likely to hit a 26-year trough, as record-high prices curb retail purchases. Key quotes “Fast-rising gold prices could act as headwinds.” “India’s gold consumption in the first half of 2020 plunged 56% on-year to 165.6 tonnes. Meanwhile, the coronavirus-triggered lockdown also slashed demand by 70% in the June quarter to 63.7 tonnes, the lowest in more than a decade.” “The weak demand in the first half could drag down India’s gold consumption in 2020 to the lowest since 1994, when demand stood at 415 tonnes.” “It is still difficult to provide an estimate for full-year demand as the coronavirus crisis is still unfolding.” “Indian demand has previously jumped as much as 300 tonnes in a quarter. Latent demand could come out in the second half.” Related content Gold Price Forecast: ‘Sell the fact’ on disastrous US Q2 GDP? Gold Price Analysis: $1972.50 to offer stiff resistance ahead of US Q2 GDP – Confluence Detector FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next ECB’s Villeroy: French economy may be a little better than the 10% contraction estimate FX Street 3 years Somasundaram PR, the managing director of the World Gold Council (WGC)'s Indian operations, said in a statement on Thursday, India’s demand for the precious metal is likely to hit a 26-year trough, as record-high prices curb retail purchases. Key quotes "Fast-rising gold prices could act as headwinds." “India's gold consumption in the first half of 2020 plunged 56% on-year to 165.6 tonnes. Meanwhile, the coronavirus-triggered lockdown also slashed demand by 70% in the June quarter to 63.7 tonnes, the lowest in more than a decade.” “The weak demand in the first half could drag down India's gold consumption in 2020… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
