India's Q2 Gold Demand Drops Six Percent to 131.4 Tonnes

India's gold demand decreased by six percent year-over-year to 131.4 tonnes in the April-June quarter, according to a report from the World Gold Council.

This decline was largely due to seasonally subdued sales and Prime Minister Narendra Modi's appeal to reduce non-essential gold purchases amid mounting import bills.

Despite this decrease, total demand reached a record value of Rs 1,98,100 crores, up 50 percent from the same period last year.

Total jewellery demand in India decreased by 15 percent to 75.1 tonnes during the quarter under review, while investment demand remained encouraging with bar and coin demand growing nine percent year-over-year to 50.3 tonnes.