The Indian bar and coin demand was down marginally by 3% year-on-year to around 30 tonnes.
The initial six-month period of the current year recorded notable jump in gold bar and coin demand, said the latest Gold Demand Trends Q2 2023 report published by the World Gold Council (WGC). The bar and coin demand during the half-yearly period in 2023 was up significantly by 33% over the prior year period to total 115 tonnes.
The bar and coin investment demand edged higher by 6% from the prior year quarter in Q2 2023. However, upon comparison with Q1 this year,the demand was down by 9%. The purchases of bars and coins by Chinese investors totalled 49 tonnes, higher by 32% year-on-year, said the report.
The Indian bar and coin demand was down marginally by 3% year-on-year to around 30 tonnes. The demand in Turkiye recorded fivefold year-on-year increase. Also, the demand in the Middle East region hit the highest level in almost a decade. The U.S. demand rose to a 13-year high, while the European demand extended its sharp drop, falling by 62% year-on-year.
The topmost bar and coin market in H1 2023 was China, followed by Turkiye, U.S, India and Iran. Turkiye and Iran replaced Germany and Switzerland in the top five markets during the initial six-month period of the year, compared with H1 2022.