India’s Gold Demand Nearly Doubles In H1 2010 (25-Aug-2010)
Gold demand in India, the biggest consumer of the precious metal in the world, almost doubled to 365 tonne in the first six months of 2010, showed the data released by the World Gold Council (WGC) on Wednesday. Gold prices have been on the rise and this has also attracted a lot of investment demand in the traditional market of the precious metal.
In fact, the much of the big jump in demand was led by the sharp rise in investment demand that more than tripled to 92.5 tonne in the period under review from 25.4 tonne witnessed in the same period a year ago. Jewellery demand on the other hand rose 67% to touch 272.5 tonne.
However, most of the increase in demand was witnessed in first quarter of 2010 and things were rather flat in second quarter. In the April-June period gold consumption in the country was little changed from year-earlier levels, as higher prices pared jewellery demand. Gold jewellery demand in the country fell 2% to 123 tonne over the period while investment demand, which includes retail bar and coin, rose 7% to 41.5 tonne, mainly driven by positive price expectations among the retail consumers.
Global gold demand however continued to remain bullish in the second quarter as well as economic uncertainties around the world provided continued support for the yellow metal. Total gold consumption globally reached 1,050.3 tonne in the second quarter, 36% higher than the same quarter in last year, again primarily riding on the investment demand.
Local traders remain bullish on the metal contending the consumption demand too will start witnessing upward trend with festival and marriage season coming up. The WGC has said in its latest report that price outlook of the oldest investment avenue known to man was strong as continued uncertainty in the world economy and concerns like those stemming from sovereign debt crisis will continue to support greater investment in gold.
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