Inflation, price rise could dent India’s gold demand in July-December: WGC

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Prices, which are now trading close to their lowest level in more than a year, might be impacted by lower purchases from the world's second-largest gold consumer.

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Customers select gold jewelry in a jewellery shop on Akshaya Tritiya, an annual Hindu and Jain spring festival, at Agartala. (Express photo by Abhisek Saha)

India’s gold demand in the first half of 2022 jumped 42% from a year ago but consumption in the second half could be lower than last year as higher inflation erodes disposable income, the World Gold Council (WGC) said on Thursday.

Lower purchases by the world’s second-biggest gold consumer could weigh on prices, which are trading near their lowest level in more than a year.

But falling demand for gold imports could help narrow India’s trade deficit and support an ailing rupee.

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