Global gold demand hit an 11-year low in 2020 at 3,759.6 tonnes, mainly due to a weak October-December quarter and the COVID-19 related disruptions across the world driving a muted consumer sentiment throughout the year, the World Gold Council (WGC) said in a report. The overall consumer demand during 2019 was at 4,386.4 tonnes, while in 2009 the overall demand was at 3,385.8 tonnes, according the WGC's 2020 Gold Demand Trends report. Global gold demand dropped by 28 per cent year-on-year (YoY) to 783.4 tonnes in the fourth quarter compared to 1,082.9 tonnes during the October-December period of 2019, the report stated.
Gold on Tuesday eased by Rs 25 to Rs 27,450 per ten grams on favourable cues.
Traders said stockists selling in tandem with a weak global trend mainly pulled down gold and silver prices.
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Silver gained Rs 350 to Rs 36,550 per kg on increased offtake.
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 followed suit and gained Rs 65 to Rs 39,600 per kg on increased offtake by industrial units and coin makers.
Silver fell by Rs 500 to Rs 44,800 per kg on poor offtake by industrial units and coin makers.
Traders said the precious metals remained in demand for the ongoing festivals and marriage season, while silver rose on industrial units and coin makers demand.
Gold prices on Thursday fell from record high by plunging Rs 1,575 to Rs 32,325 per ten gram on profit-selling by stockists driven by recovery in rupee amid a weakening global trend.
Traders said heavy selling by stockists against fall in demand at prevailing higher levels mainly kept pressure on gold prices.
In the national capital, gold of 99.9 and 99.5 per cent purity were up by Rs 150 each to Rs 28,500 and Rs 28,300 per 10 gram respectively.
Silver followed suit and traded Rs 90 higher at Rs 38,290 per kg on increased offtake by industrial units and coin makers.
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Traders said sentiments turned better after gold recovered from an eight-month low in global markets on speculation that reduced prices may spur purchases before the Federal Reserve begins a two-day policy meeting.
Traders said restricted buying from jewellers and retailers mainly kept precious metals at previous levels.
Traders said stockists selling on sluggish demand at prevailing higher levels mainly kept pressure on the two commodities.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3 per cent to $1,180.78 an ounce.
After two days of gains, gold prices fell by Rs 60 to close at Rs 27,400 per 10 gram in New Delhi on Wednesday due to slackened demand from jewelers and retailers amid absence of cues from global markets.
Silver coins also tumbled by Rs 1,000 to Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.
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After falling for three straight days, gold prices recovered by Rs 50 to Rs 26,700 per ten grams at the bullion market on Friday.
After rising for two days, gold prices went down by Rs 100 to Rs 26,850 per 10 grams at the bullion market on Tuesday, tracking a weak global trend amid slackened demand from jewellers.
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Tracking a weak trend overseas and low demand from domestic jewellers and retailers, gold prices plunged by Rs 200 to Rs 26,350 per ten gram in New Delhi on Monday.
Traders said stockists buying for the marriage season amid a firm global trend mainly led the recovery in gold prices.
Silver coins continued to be traded at last level of Rs 48,000.
Silver traded higher by Rs 250 to Rs 34,400 per kg.
India's gold demand recovered during the January-March period to witness a growth of 37 per cent at 140 tonne compared to the same quarter of 2020, due to ease of COVID-related restrictions, pent up demand and softening of prices of the yellow metal, according to the World Gold Council (WGC). The overall gold demand stood at 102 tonne during the first quarter of 2020, as per WGC data. Gold demand in value terms increased by 57 per cent during the first quarter of this calendar year to Rs 58,800 crore compared to Rs 37,580 crore in the corresponding period of 2020.
Traders said some buying activity by jewellers and retailers mainly kept gold prices steady.
Silver also fell 0.7 per cent to $15.71 an ounce.
Traders said sustained buying by stockists helped gold prices to extend gains for the third straight session.
Traders said stockists buying for the ongoing marriage season mainly led the recovery in gold and silver prices.
Traders said in the absence of buying support from jewellers and retailers on expectations that prices will come down in coming days mainly kept gold prices steady.
However, silver extended its weakness for the second straight day and lost Rs 90 to Rs 45,230 per kg on reduced offtake by industrial units and coin makers.
