Global gold demand has seen a year-on-year decline of 8 per cent during the April-June period to 948.4 tonnes and going ahead further monetary tightening and continued dollar strength may pose headwinds, says a report. According to the WGC Gold Demand Trends Q2 2022 report, the total gold demand during the second quarter of 2021 stood at 1,031.8 tonnes. The year-on-year demand was affected by increase in gold electronic traded funds (ETFs) outflow, decline in Central banks buying and lower demand from the technology segment, the report said.
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In July alone, 2.5 tonnes of gold coins were imported so far from South Korea under zero-duty facility
Silver also eased by Rs 160 to Rs 41,100 per kg.
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India's gold demand declined 18 per cent to 135.5 tonnes in the first three months of this year, mainly due to a sharp rise in prices, according to the World Gold Council (WGC). The demand stood at 165.8 tonnes in the first three months of 2021. In terms of value, gold demand dropped 12 per cent to Rs 61,550 crore in the January-March period. It stood at Rs 69,720 crore in the year-ago period, the 'Gold Demand Trends Q1 2022' report released by the WGC said.
Silver also recovered by Rs 500 to Rs 37,300 per kg.
Silver, however, recovered by Rs 250 to Rs 36,000 per kg.
Traders said restricted buying from jewellers and retailers mainly kept precious metals at previous levels.
Gold prices recovered by Rs 50 to Rs 26,800 per 10 grams at the bullion market on Friday.
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After recording significant decline in September, gold and silver imports jumped by 62.5 per cent to $1.3 billion in October this year.
Traders said scattered buying by retailers amid a firm global trend, where gold climbed to six-month high, and escalating tension in Ukraine mainly boosted demand for the precious metals as a safe haven.
Silver also eased by Rs 150 to Rs 41,700 per kg.
Gold prices are seen heading northwards on improved demand.
Gold prices declined by Rs 30 to Rs 27,370 per ten gram in New Delhi on Friday as demand from jewellers retailers dried up at prevailing levels to some extent amidst a weak global trend.
Globally, gold climbed $12.10, or 1 per cent, to $1,220.40 an ounce.
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Gold slips by Rs 150 on low demand.
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Globally, in Singapore, gold traded a tad higher at USD 1,182.22 an ounce, from $1,182.01 on Thursday.
Gold in Singapore, which normally sets price trend on the domestic front, traded at $1,316.40 an ounce from $ 1,316.58 on Thursday.
Traders said sluggish demand at prevailing higher levels amid a weak trend in Asian region mainly led to decline in gold prices while increased industrial demand helped silver to trade higher.
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Last year on Dhanteras, the precious metal stood at Rs 31,400 per 10 grams.
The yellow metal had shed Rs 20 on Tuesday.
Silver halted its four-day rising trend and declined by Rs 65 to Rs 41,000 per kg.
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Traders said some buying by jewellers and retailers and a firm trend in Asian region mainly kept gold prices steady.
Silver also advanced by Rs 200 to Rs 36,500 per kg.
Gold prices firmed up after Tuesday's decline, mainly because of fresh buying by local jewellers at the domestic spot market, coupled with a better trend globally.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 220 each to Rs 30,800 and Rs 30,600 per ten grams, respectively.
Silver followed suit and gained Rs 65 to Rs 39,600 per kg on increased offtake by industrial units and coin makers.
Silver ready also moved up by Rs 50 to Rs 38,800 per kg while weekly-based delivery fell by Rs 160 to Rs 38,250 per kg on lack of buying support from speculators.
Silver also recovered by Rs 250 to Rs 37,300 per kg.
Silver followed suit and advanced by Rs 50 to Rs 33,750 per kg.
