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Now in the midst of the metal's supreme dominance and the global economic regional, gold demand in India is set to fall 3% to 777 tonnes in 2022.
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According to the data released by the World Council (WGC) on Tuesday, while the demand for jewelry is expected to decline by about 2% to 600.4 tonnes in 2021 from 610.9 tonnes.
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And gold demand as an investment is set to fall nearly 7% to 173.6 tonnes in 2022 from 186.5 tonnes. Last year.
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According to the WGC, India is expected to import 673.3 tonnes of gold in 2022 as compared to 924.6 tonnes in 2021, a decline of 27%.
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And while the WGC believes that 2023 will be a good year for gold demand, there may be concerns over higher gold imports,
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Subject to near-term recovery, particularly in monsoon and rural demand, will be reset to the long-term annual average of 800-850 tonnes,
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In the October-December quarter, India registered a sharp increase in recycling, up nearly 40% from a year ago and 6% sequentially.
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The jump was mainly due to a rise in rupee-denominated gold prices, which were up 3% quarter-on-quarter.
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The Reserve Bank of India continued its gold purchases, adding 33.5 tonnes in 2022, less than half of the 77.5 tonnes it bought a year ago.