India gold demand set to climb

Demand in India, which trails only China, slumped in 2020 on the Covid-19 pandemic

New DELHI: Gold demand in the world’s second-biggest user will rebound this year after collapsing in 2020 as the rollout of vaccines pushes life back closer to normal, according to the World Gold Council.

Some of the weddings and festive buying that had been postponed because of the pandemic will come back in 2021, and this pent-up demand will boost sales, P.R. Somasundaram, managing director for India at the London-based council, said in an interview to Bloomberg TV.

“In 2021, you will see a big spurt in demand, ” barring any unforeseen factors, he said. Historical data show that after plunging in 2009 following the financial crisis, Indian demand jumped back up in the next three years, he said.

Demand in India, which trails only China, slumped in 2020 on the Covid-19 pandemic. — Bloomberg

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