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Gold-backed ETFs drove global gold demand
Posted on: 13/May/2016 2:38:02 PM
World Gold Council made a review about the gold requirements of India. The total gold demand stood at 116.5 tonnes in the January-March quarter of 2016.When compared to the last year, the demand for gold declined by 39 percent. In terms of value, the demand fell to Rs 29,900 crore in the first quarter of 2016 from Rs 43,730 crore in the year-ago period. The jewellers strike following the re-introduction of an excise duty was one major reason impacting demand. A new regulation mandating PAN card details for purchases above Rs 2 lakh is also reported to have affected buying.
At the same time, swelling inflows into gold-backed ETFs drove global gold demand to its highest first-quarter total on record this year at 1,290 tonnes.
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