Gold demand surges to a new high in India
MUMBAI: The obsession of Indians with the yellow metal scaled a new peak in 2005. Interestingly, this surge came at a time when the price of gold in the domestic market was also soaring to a new high. In rupee terms, demand grew at 25% over 2004.
In India, the demand for gold as an investment option grew at 34% over 2004. This indicates that increasingly Indians are accepting gold as an investment option. Compared to this, the jewellery segment witnessed a 14% growth, said the World Gold Council.
Last year, while countries barely managed to clock double-digit growth in demand, India recorded a 17% rise over that in 2004, the highest by any country. India consumed nearly 725 tonnes of gold in 2005, compared to 618 tonne in 2004.
Although global growth was just 7% in 2005, for the first time sales crossed the $50 billion mark. US, India's nearest rival in terms of demand, consumed 382 tonne while for China the figure was 293 tonne.
Originally published on timesofindia.com
In India, the demand for gold as an investment option grew at 34% over 2004. This indicates that increasingly Indians are accepting gold as an investment option. Compared to this, the jewellery segment witnessed a 14% growth, said the World Gold Council.
Last year, while countries barely managed to clock double-digit growth in demand, India recorded a 17% rise over that in 2004, the highest by any country. India consumed nearly 725 tonnes of gold in 2005, compared to 618 tonne in 2004.
Although global growth was just 7% in 2005, for the first time sales crossed the $50 billion mark. US, India's nearest rival in terms of demand, consumed 382 tonne while for China the figure was 293 tonne.
Originally published on timesofindia.com
posted by Oil Shock at 2/25/2006 06:43:00 PM
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