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Rising gold demand in India
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- The World Gold Council (WGC) said that the improving macroeconomic indicators suggest a positive outlook for jewellery demand.
- Further, the Union Budget announced measures to boost rural incomes, including higher minimum supportprices and an increase inagricultural credit.
- Global gold consumption fell to the lowest level in 10 years in the first quarter of 2018 due to subdued gold prices that affected the overall demand and led to a fall in investment demand for gold bars and goldbacked exchangetraded funds (ETFs).
- According to the latest WGC report, the first three months of 2018 saw the world gold demand pegged at 973 tonnes making it the lowest first quarter since 2008.
- While all major markets like India, China, Germany and the U.S. saw a dip in the demand for gold bars and coins in the first quarter, ETFs registered inflows for the fifth straight quarter but solely due to a growth North America region.
- The global demand at 973 tonnes was a decrease of 7% compared with 1,047 tonnes in the first quarter of 2017.
Source
The Hindu.