Gold started 2016 on a bullish note but physical demand plummeted in the first quarter, especially in Asia led by India and China. Physical demand for gold tumbled 24% to just 781 tonnes in the first three months of this year, lowest quarterly total since the first quarter of 2009, according to Thomson Reuters GFMS survey.
While physical demand was weak across all sectors and many countries it was striking that the traditional powerhouses of India and China saw plummeting demand, partly due to higher prices but crucially hindered in the case of the former by the budget and ensuing jewellers’ strike, as per the survey.
Reference: Commodity Online
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