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Gold Update Today: Today, Finance Minister Nirmala Sitharaman is going to make many big announcements in the Parliament of the country. His efforts will be to give air to good schemes for the benefit of the general public. This time she will become the first woman finance minister in Indian history, who has presented the budget 5 times. Apart from all these things, if we pay attention to the report of the World Gold Council (WGC), then its figures are shocking. Due to the ever-increasing gold prices in India, there has been a decrease in demand. Gold demand in 2022 is expected to drop marginally by 2.92 per cent to 774 tonnes, while the total gold demand in 2021 was 797.3 tonnes. Somasundaram PR, Managing Director, India Region, WGC, said that despite a relatively subdued trade at the beginning of the year and weak consumer sentiment, subsequent duty hikes and a sharp increase in prices, demand certainly remains belligerent. Surprisingly.
The total demand for jewelery in the country decreased by two percent in 2022
He said that starting from the last quarter of 2022, the fall of festivals increased investment demand. However, during the wedding season, more attention was paid to gold jewellery. Gold demand in India in the fourth quarter and in the full year 2022 was reduced by 345 tonnes and 797.3 tonnes respectively. The total demand for jewelery in the country is expected to decline by two per cent to 600.4 tonnes in 2022 from 610.9 tonnes in 2021. In value terms, it increased by four per cent to Rs 2,72,810 crore from Rs 2,61,150 crore in the previous year. According to the report, the total investment demand for the year declined by seven percent to 173.6 tonnes from 186.5 tonnes in 2021. In terms of value, the investment demand for gold has decreased by one percent from Rs 79,720 crore in 2021 to Rs 78,860 crore.
Big news about gold came even before the budget
Increase in gold recycling
Gold recycling in India to increase by 30 percent to 97.6 tonnes in 2022. Somasundaram PR said that despite higher prices domestically, the demand for gold has been 600 tonnes, which is just two percent less than in 2021. In the fourth quarter, the demand for gold in the country declined by 22 percent from 343.9 tonnes in the same quarter of 2021 to 276.1 tonnes in 2022. In value terms, it declined by 15 per cent to Rs 1,25,910 crore from Rs 1,48,780 crore in the same quarter of the previous fiscal. He told that in 2022, India imported a total of 673.3 tonnes of gold, which is 27 percent less than 924.6 tonnes in 2021.
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