Neither worry about inflation nor fear of recession! 381 tonnes of gold sold in the festive season, people also took loans fiercely

Mumbai: Another where people in Europe and the US are afraid of rising inflation and recession. At the same time, people in India are not worried about this at all. This has been revealed from the sales and demand figures in the festive season on Diwali. This season saw a tremendous demand for gold and it touched its pre-covid level. At the same time, retail loan growth also increased by 20% in September, which is the highest in 2020 after the Kovid-19 epidemic. These are big signs of increasing consumer demand.

In fact, due to the Corona epidemic, there was a decline in the sale of gold in the last two years due to the postponement of big celebrations like marriage, but now the sales of gold have increased again. Gold miners lobby World Gold Council said the demand for gold jewelery stood at 381 tonnes in the January-September period, which was higher in the third quarter.

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Gold sales increased compared to last year
In the year 2021, the sales of gold in the same period were 346 tonnes and in 2020 due to Kovid and lockdown, the demand decreased and this sale was only 179 tonnes. Earlier in 2019, the demand for gold jewelery was 396 tonnes between January-September. In fact, due to rising domestic retail price inflation and a strengthening dollar, the demand for gold has increased, because at such a time, investment in gold is considered right.

Acceleration in loan growth of many categories including home
Retail loan growth grew 20% in September on improving consumer sentiment, the highest since the outbreak of COVID-19 in 2020. Demand for loans was witnessed across categories for purchase of vehicles, consumer durables and homes, which form the mainstay of retail loans. On the other hand, loans in other personal loan categories grew by 24.4% to ₹9.73 trillion as of September 23.

These mainly include debts related to household consumption, medical expenses, travel, marriage, other social functions and loan payments. The total retail loans have crossed ₹37 trillion at the end of September due to growth in all sub-segments.

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Tags: bank loan, business news, Gold price