India Gold demand likely to fall in 2016

Mumbai-India (Oct 5)  Gold demand of India may fall to around 750-800 tonnes in 2016, as against 860 tonnes last year, according to World Gold Council. The fall is attributed to sharp rise in prices and strike of jewelers following new regulations.

Demand for Gold fell to 248 tonnes in the first half of the year and better demand is expected on good monsoons in the country, they added. Gold imports of the country also fell to 291 tonnes in the first six months of this year from 470 tonnes during the previous year.

India is one of the largest importers of Gold in the world and accounts for nearly one-third of the total world demand for Gold.

Source: CommodityOnLine