A Reuters report quoted by Rough & Polished shows that India “more than doubled” its gold imports in 2021, bringing it to a total $55.7 billion – a fantastic increase over the $22 billion worth of gold imports in 2020. This trend is expected to continue in 2022.
According to the report, the rise in gold buying – and therefore gold imports – is due to “the pent-up demand from 2020 due to Covid lockdown, postponed weddings and suppressed festival shopping.”
The rise in Omicron cases is expected to increase gold prices, and they are “expected to remain high in the medium term and later may show correction with global cues and US Fed rate hike.” All in all, despite uncertainties, “the gold demand outlook for 2022 will remain healthy with considerable unmet demand still in the market, according to industry leaders.”
