Gold Dollar
This was largely caused by a fall in investment demand for gold bars and gold-backed exchange-traded funds, as a subdued gold price environment hampered demand, the statement said. This time around, the banks added 116 tonnes, up 42% from the first quarter of 2017, the gold-focused organization reported.
In value terms, jewellery demand during the period dropped by 7 per cent to Rs 24,130 crore, from Rs 26,050 crore in the corresponding period a year ago.
From a year earlier, demand dipped by 7%, driven lower by a sharp decline in investment demand which fell 27% to 287.3 tonnes. It blamed the fall on a 15% slump in investment in gold bars to 254.9 tonnes as investors in China, Germany and the U.S. held off from buying the precious metal.
"Last year, Europe led the inflows into ETF following geopolitical situations, including elections in at least three countries and BriExit and general weakness in economic conditions. Those situations are stable this year", WGC, India, Managing Director P R Somasundaram told PTI here.
Two-thirds of India's gold demand comes from rural areas, where jewellery is a traditional store of wealth.
Meanwhile, the report revealed that global jewellery demand was flat at 487.7 tonne in Q1 2017, compared to 491.6 tonne in the same period previous year. This is the first big decline since 2008, especially after the data given for the first quarter of 2017 - 1047 tonnes.
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Central banks added 116t to global official reserves in Q1 2018.
The supply side of the equation advanced to 1,064 tonnes in the first quarter, up 3% on increased mine production.
Also, use of gold in the technology sector continued to improve, rising 4%, led by the wireless sector, which employed 3D sensors for facial recognition. In China, consumers bought more gold jewellery during the new year celebrations and the improving United States economy led to more Americans splashing out on jewellery. "Solid inflows into central-bank reserves also highlight the ongoing relevance of gold as a strategic asset for institutional investors", Hewitt said in a press release.
Mine production and recycling levels both saw fractional increases compared with Q1 2017, at 770 tonnes and 288 tonnes, respectively, it added.
There was a strong demand for gold in the first quarter of 2017 as investors responded to heightened political uncertainty but at the start of this year gold traded in a range of $1,300 to $1,350 an ounce as investors lacked a clear signal and were in "wait and see mode".
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