India's Gold Demand Falls 6% Amid Higher Duties

India's gold demand saw a notable decline of 6% during the April to June quarter this year, according to the World Gold Council. The total demand reached 168.5 tonnes, significantly lower than the previous year's figures.

The World Gold Council attributed the downturn to weak seasonal demand and increased duties imposed by the Indian government. Industry experts suggest that the heightened duties have rendered gold more expensive, leading many consumers to rethink their purchasing decisions.

The report highlighted a broader trend observed globally, where total gold demand remained flat at 1,269 tonnes in the same quarter. This has implications for local jewelers and the broader economy, as gold sales constitute an important sector.