India's gold imports may touch 800 tonne
- Election Live: Narendra Modi addresses rally in Purnia, attacks Third Front
- Still no sign of Malaysia Airlines jet lost in "unprecedented mystery"
- Raj Thackeray warms up to Narendra Modi, lets Sena feel the heat
- Uttar Pradesh BJP wants tickets for four riot-accused MLAs
- Haryana, Gujarat top industry-friendly states, Maharashtra among bottom five
India's net gold imports for domestic consumption are likely to be about 800 tonne this year following a pick-up in momentum during the festival season, according to the World Gold Council (WGC).
In 2011, the net imports for domestic consumption stood at 969 tonne.
"The first two quarters the demand was not that great following economic downturn, monsoon deficit, duty issues and jewellers strike, high prices. However, it picked up last month in the festival season and this year we expect the gold demand to be around 800 tonne," WGC Director, Investment, Amresh Achrya said.
2011, he said, was an extraordinary year and the demand was very high and so were the imports. In the long run, he said, the demand for the precious metal remains strong.
Talking about China, he said, even as the demand during quarter three was weak, it is picking up. Quarter four in China is usually strong due to festival season.
"By the end of this year, we still hope that China may still become the largest importer of the yellow metal overtaking India by a whisker," he said.
India is just 20 tonne ahead of China at present.
China is not only becoming one of the largest consumer, but also is one of the major producers. "The jewellery demand in China is very high, driving the imports," WGC Director, Investment, Stephen Richardson said.
Jewellery is the largest growth driver for the yellow metal. However, with increasing awareness, gold electronic traded fund (ETF) is gaining ground globally, he said.
"The investment is catching up in the matured markets and will become one of the a major growth driver for gold in future," he added. However, in India and China, even as ETF is gaining, it is a low start, he said.
"In both the markets, ETF is not very high. There is a need for more awareness and the market to become sophisticated for the ETF to gain more grounds."
- Bengal model better than Modi’s Gujarat, says Didi
- Sindhis threaten to move HC if Sindhu Sagar not cleaned
- Three RTI activists whom Kejriwal paid homage are alive
- Poojary wins Mangalore primary
- Short change: Health cover for girl child at 50% discount
- Run with the bulls, don’t lose out to foreign investors again
- AAP workers stage protest outside Kejriwal’s residence over ticket distribution
- BJP boycotts NDTV over news gaffe | The Indian Express
- Out of the promised 50,000 homes for the poor, not even 50 constructed in Gujarat by BJP: Kejriwal
- BJP complains to EC against Rahul over RSS remarks, seeks derecognition of Congress