MUMBAI: Gold demand in India is expected to revive in 2017 after touching to seven year lows in 2016, according to a global industry body, World Gold Council (WGC)."Our view for 2017 is cautious. All these factors will boost India's economic growth and support gold demand, WGC said.It is likely that the impact of demonetisation will have a behavioural impact too. We expect consumers to buy between 650 tonnes and 750tonnes." The demand in 2016 had fallen to 514 tonnes, the lowest since 2009. This change in market dynamics will result in more transparency and a better deal for consumers, protecting them from shady practices such as under-carating, WGC said. Further ahead, the economy will benefit from young Indians entering the workforce – a demographic dividend similar to that which underpinned the stellar growth of the Asian Tiger economies of the 1980s and 1990s.
according to
World Council (WGC), the industry's market development body, expects India's annual demand to not cross 850 tonnes for another three years. "India's demand has fallen sharply in the past but then recovered. "Over time, we anticipate economic growth and greater transparency within India's market will push demand higher. "After falling so sharply last year, India's demand is unlikely to fall further. By 2020, we see Indian consumers buying between 850 and 950 tonnes," said Alistair Hewitt, the Council's director, market intelligence, while issuing the latest report on Wednesday.
MUMBAI: Gold prices slipped further to close below the Rs 29,000-mark at the domestic bullion market here today due to poor offtake by stockists amid bearish overseas cues.Elsewhere, silver also dipped further owing to subdued demand from consuming industries.Standard gold (99.5 purity) slipped by Rs 190 to end at Rs 28,845 per 10 grams from its overnight closing of Rs 29,035.Pure gold (99.9 purity) also fell by a similar margin to end at Rs 28,995 per 10 grams as compared to Rs 29,185 earlier.Silver (.999 fineness) declined by Rs 540 per kg to settle at Rs 42,300 from Tuesday's finish of Rs 42,840.Globally, gold prices hit a four-week low on Wednesday as the dollar gathered strength on the prospect of a US interest rate hike.Spot gold fell 0.26 per cent to USD 1,212.45 per ounce in early trade, after touching its lowest since February 3 at USD 1,210.92, putting it on track for its fifth straight session in the red.Silver edged down by 0.7 per cent to USD 17.37 per ounce, after touching USD 17.34, its lowest since February 6.
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Gold buying: Annual demand not expected to return to 850 tonnes till 2020
World Council (WGC), the industry's market development body, expects India's annual demand to not cross 850 tonnes for another three years. "India's demand has fallen sharply in the past but then recovered. "Over time, we anticipate economic growth and greater transparency within India's market will push demand higher. "After falling so sharply last year, India's demand is unlikely to fall further. By 2020, we see Indian consumers buying between 850 and 950 tonnes," said Alistair Hewitt, the Council's director, market intelligence, while issuing the latest report on Wednesday.
Gold: Gold cracks below Rs 29,000 on reduced demand
MUMBAI: Gold prices slipped further to close below the Rs 29,000-mark at the domestic bullion market here today due to poor offtake by stockists amid bearish overseas cues.Elsewhere, silver also dipped further owing to subdued demand from consuming industries.Standard gold (99.5 purity) slipped by Rs 190 to end at Rs 28,845 per 10 grams from its overnight closing of Rs 29,035.Pure gold (99.9 purity) also fell by a similar margin to end at Rs 28,995 per 10 grams as compared to Rs 29,185 earlier.Silver (.999 fineness) declined by Rs 540 per kg to settle at Rs 42,300 from Tuesday's finish of Rs 42,840.Globally, gold prices hit a four-week low on Wednesday as the dollar gathered strength on the prospect of a US interest rate hike.Spot gold fell 0.26 per cent to USD 1,212.45 per ounce in early trade, after touching its lowest since February 3 at USD 1,210.92, putting it on track for its fifth straight session in the red.Silver edged down by 0.7 per cent to USD 17.37 per ounce, after touching USD 17.34, its lowest since February 6.
read more visit us gold
collected by :Jack Luxor
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