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Updated 17:46 25/02/20

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India’s gold demand increases by 13%


Adam Pike, News Editor
18 Feb 2014, 11:01 a.m.

Despite the introduction of the 10% gold import tax gold demand in India rose by 13% in 2013 to 975 tonnes according to the World Gold Council. Jewellery demand climbed 11% to 612.7 tons and investment demand in 2013 increased by 16% to 362.1 tonnes. Demand significantly dropped off in the second half of the year as a result on the gold import tax.

Total gold demand may be significantly higher as illegal gold smuggling into India may be as much as 10-20 tonnes per month.

Industry experts are forecasting that gold demand will be between 900 and 1,000 tonnes in 2014.

View original source at: www.thehindubusinessline.com

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