Shoppers pass an imitation gold jewelry store at Zaveri Bazaar during the festival of Dhanteras in Mumbai, India, on Tuesday, Nov. 2, 2021. Indians flocked to jewelry stores on the biggest gold-buying day of the year, with a bumper sales period for precious metals that culminates in the festival of Diwali expected for the first time since the pandemic began. 
“Starting 2022, you will see demand setting up a new normal toward 800-850 tons,” compared with an average of 667 tons in the five years through 2020, said P.R. Somasundaram, regional chief executive officer for India at the London-based group. The next few years will be key as policy reforms and technology let gold evolve into a more transparent mainstream asset class, he said.
Total demand for jewelry, coins and bars jumped 79% to 797 tons last year, the data showed. Covid-19 and its variants, global concerns on inflation, interest rates and geo-political developments will remain factors to watch in 2022, he said.
| Key numbers from WGC’s quarterly demand trends report: |
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