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Gold demand in India will be 950 tonnes in 2020
Posted on: 18/Mar/2017 5:35:08 PM
The World Gold Council has announced that the overall demand for gold in India will be 950 tonnes by 2020. The council further attributes the reason behind the increase in demand to the economic growth of the country and transparency in gold trading.
We can hardly find any woman who doesn’t like gold jewels. Indian women prefer and believe in gold investment. It is our traditional practice to buy gold for varied occasions like wedding, baby shower, etc.
This is the primary reason behind such increase in use of gold jewels in India. No matter what the gold rate is, there is consistent increase in gold demand every year.
Dip in demand last year:
The demand for gold in 2015 was 857.20 tonnes, as per gold council sources. On the whole, 675.5 tonnes of gold were imported in 2016. This was 21 percent lesser than the previous year.
There were several reasons for lessening of interest towards buying gold. The main reason is demonetization of high valued rupee notes.
Gold rate in 2020:
The world gold council has stated that the dip in demand in gold due to demonetization is just temporary. The situation will change and gold demand will increase even more than before. The overall demand for gold will be 950 tonnes by 2020.
People believe in gold:
In a report issued by the world gold council, it is stated that the council had conducted a voting among gold consumers during first quarter of 2016. Close to 63 percent people said that they believe in gold even more than money. We feel safe when we have more gold, said over 73 percent people.
Surge in demand:
Though there has been drop in gold demand in the past few years, in the present year, 2017, the gold demand is likely to be between 650 and 750 tonnes. Considering the economic growth of the country, gold rate will furthermore increase, say experts from the world gold council
