According to a report of World Gold Council, India’s gold demand could rise as 10 percent in 2016 as good rainfall is expected this year. Notably, the demand for gold in first quarter fell by 39 percent.
According to a report, Somasundaram PR , managing director of WGC said a jewelers strike, a sharp rise in prices and expectations of a cut in duty hit demand in first quarter, but now drivers are turning positive.
Gold Jewellery
According to him, demand forecast for gold this year is about 850 tonnes to 950 tonnes compared with 864.3 tonnes last year. Notably , most of the demand of gold comes from rural India as people buy jewellery there for investment.
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