Quantcast
23.2 C
United States of America
Saturday, July 24, 2021

India, China ramp up gold purchases as market starts recovering from pandemic pain

Must read

India, China ramp up gold purchases as market starts recovering from pandemic pain

The demand for physical gold increased sharply in the spring season in India, China and other Asian countries, where the precious metal’s shine is appreciated the most, Nikkei reports, citing industry data.

Statistics showed that India, one of the top gold consumers, imported 160 tons of the yellow metal in March, 5.7 times more than in the same month a year ago, when the country was under strict lockdown. Gold purchases in the country practically stopped in April and May 2020, but started growing again since the end of the year. In India, gold is a highly valued status symbol, offered at weddings and other festivities. A large part of the population keeps their savings in gold jewelry. 

Purchases of jewelry were also up in China, 2.6 times year-on-year in February, data showed. The beginning of last year saw demand in the world’s biggest gold consumer tumbling to multi-year lows, again due to the coronavirus crisis.
Also on rt.com ‘Gold symbolizes strength of the country’: Poland plans to add more bullion to its coffers
Global demand for gold dropped to its lowest levels since 2009 in the third quarter of 2020, according to World Gold Counsil data, partly driven by dwindling demand in Asia. The pandemic has forced traditional buyers to postpone purchases and investors to ditch holdings, while lockdowns have hit the jewelry market. China and India have seen a drop in demand of 25% and 48% respectively in the first three quarters of 2020.

For more stories on economy & finance visit RT’s business section

- Advertisement -

RT

- Advertisement -
India, China ramp up gold purchases as market starts recovering from pandemic pain
Newslanes Mediahttps://newslanes.com
Newslanes.com is the leading e-news platform for the latest breaking news of world today. The news repository targets everyone after factual and well-researched information from a dedicated global team of news reporters and editors.
- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article