Colin Shah, MD, Kama Jewelry presented his valued view on the 1Q, 2024 report published by the World Gold Council (WGC). He observed that gold jewellery demand has witnessed a dip at a global level owing to the weakened purchasing power of the masses, influenced by a downtrend in the global economy.
With 60+ countries going under elections this year, the forecast for gold prices remains volatile, thus indicating a sluggish jewellery demand in the key international markets due to inflationary pressures. Contrary to the global dynamics, the 4% y-o-y growth of jewellery consumption in India.
This growth is propelled by robust economic factors like strengthened purchasing power along with the sentimental value attached to the yellow metal. While the demand correction was there for a brief period as gold prices exploited new and unprecedented price territories, the overall gold consumption in India has always been on a gradual yet steady trajectory.
Going forward, regardless of the overall subdued demand for this quarter, “we expect to see some spike in demand, especially during the upcoming key festivities and events like Akshay Tritiya and wedding season, however, price dynamics will continue to remain the driving factor” said Colin.
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