Millennium Post

Yellow metal Q2 demand rises 9%

Domestic gold demand recovered 9 per cent to 223.1 tonne in the July-September quarter driven by a late revival of the monsoons and restocking by traders ahead of the festive and wedding seasons, according to the World Gold Council (WGC).

The demand stood at 204.8 tonne in Q3 of 2011, the WGC said in its 'Gold demand trends report:Q3' released here on Friday.

However, in value terms, the demand grew three time more by a full 27 per cent to Rs 65,373 crore, compared to Q3 of 2011.

The late revival of the monsoons and restocking by traders and jewellers ahead of the festive and wedding seasons could be the key reasons for the upward trend in demand in Q3, the report pointed out.

'After a slow start to the first half, Q3 witnessed a gradual pick up in gold demand ahead of the festive and wedding seasons that falls in Q4.  In value terms, jewellery demand rose by 25 per cent to Rs 39,880.2 crore from Q3 of 2011. Investment demand in tonnage was up 12 per cent to 87 tonne from 78 tonnes in the same quarter last year.
PTI

PTI

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