India's gold demand could hit 950 tonnes as prices fall
Mumbai (Aug 23) India's gold demand might reach 950 tonnes this year as lower prices spur buying during the peak festival season and for weddings, the world's biggest gold refiner, Valcambi, said. It is to be noted that 950 tonnes represents 37% of the yearly global mine supply (2600 tonnes).
Stronger demand in the world's second-biggest gold consumer could support global prices, which rebounded this week after hitting a 5-1/2 year low under $1,100 an ounce in July.
India is reportedly the world's largest consumer of gold, which often vies with China for first place.