Analysts additionally mentioned the drop in demand was due to base effects as Q benefited from post-pandemic relief spending. Gold jewelry demand within the UAE had risen 38% in 2022 to forty six.9 tonnes as spending rebounded after the pandemic. Indian venture capitalist Vani Kola shared some information about gold, stating that Indians possess an estimated 25,000 tonnes of gold, with about 2,500 tonnes mined each year. She highlighted the affiliation of gold with prosperity, significantly in India, the place it’s revered as a permanent asset.