According to the latest report published by the World Gold Council (WGC), India’s gold demand outlook is likely to improve for the second quarter ending in June, in light of upcoming festival and wedding season.
Key Findings (via Reuters):
“This year the contribution to sales from weddings could rise as the Hindu calendar shows 37 auspicious dates for weddings from just 21 in the second quarter a year earlier, up 76 percent.
Gold consumption in the second-quarter last year came in at 189.2 tonnes.
In the first quarter of this year, consumption rose 5 percent from a year ago to 159 tonnes, also buoyed by more auspicious days for weddings and lower prices.
The report forecast India’s gold consumption in 2019 at 750 to 850 tonnes, from 760.4 tonnes last year and a 10-year average of 838 tonnes.”
Meanwhile, Somasundaram PR, the Managing Director of WGC’s Indian operations, noted: “Prices are attractive. In the second quarter we might see a surge in demand due to Akshaya Tritiya and higher auspicious days for weddings.”
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