The 2020 calendar year may turn out to be the worst year for gold demand in India since 1995. According to the World Gold Council (WGC), gold demand in India so far in CY20 stands at 252 tonnes, as compared to 496 tonnes in the same period last year. Even if October – December 2019 (Q4CY19) demand of 194 tonnes is added to the CY20 demand till now, the total demand for CY20 will be lower compared to CY19 total demand of 696 tonnes.
As per WGC data, the calendar year 1995 was the worst with the yearly gold demand in India at 462 tonnes, which improved marginally to 511 tonnes in 1996, 547 tonnes in 2002, and 642 tonnes in 2009.
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