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Gold jewellery demand in January to March dips to 11-year low: WGC

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New Delhi: India's jewellery demand in January to March (Q1) fell by 41 per cent to an 11-year low of 73.9 tonnes as COVID-19 compounded the impact of higher domestic gold prices amid a depreciating currency and softer economic growth, the World Gold Council said in its latest demand trends report released on Thursday.

Although the wedding season lifted demand early in the quarter, a sharp increase in local gold prices from mid-February led to a slowdown in demand as consumers held back on purchases.

Later in the quarter, the market suffered as the lockdown took effect: demand in March slumped by between 60 to 80 per cent.

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