Gold demand in India fell 36 percent in the January to March quarter of this year, to 101.9 tonnes due to volatile prices, economic uncertainties and coronavirus-induced nationwide lock down towards the end of the quarter, according to a report by World Gold Council.

According to the World Gold Council’s Quarter-1 Gold Demand Trends report, India’s the first quarter gold demand, in terms of value, fell 20 percent, to 37,580 crore rupees.

Meanwhile, in value terms, jewellery demand saw a drop of 27 percent, to 27,230 crore rupees. But total investment demand In value terms, in the first quarter of 2020, rose 4 percent, to 10,350 crore rupees.

Investment demand was relatively better as sentiments towards equities turned negative and investors turned to gold’s liquidity and safe haven status.