Demand for Gold in India Increased by 27 Percent during Jan-Mar 2013

Demand for gold in India increased by 27 per cent to 256.5 tons during the January-March 2013 quarter, while its imports declined by 5.7 per cent to 215 tons, as per the data released by World Gold Council (WGC) on 16 May 2013. In terms of value, India’s gold demand increased by 32 per cent to 72899.4 crore rupees in January-March 2013 from 55148.7 crore rupees in the corresponding period of 2012.
The demand for the gold was registered at 202.1 tons in January-March 2012 and imports at 228 tons. The jewellery demand increased by 15 per cent to 159.5 tons from 138.3 tons, while investment demand increased by 52 per cent to 97 tons from 63.8 tons in the review period.
The demand for gold would remain strong because of lower prices and higher buying in the wedding and festive season. An expected rise in rural income due to good monsoon projected this year can also contribute to the demand. At the world level, gold demand decreased by 13 per cent to 963 tons in the first quarter of 2013 as strong demand for gold jewellery, bars and coins was exceeded by significant total outflows from gold exchange traded funds (ETFs).

Source: Bullion Bulletin

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