'India's gold demand to hit 1,200 tonnes'
Gold demand in India will continue to grow and is likely to reach 1,200 tonnes or approximately Rs 2.5 trillion by 2020, at current price levels, according to a research by World Gold Council (WGC).
"The rise of India as an economic power will continue to have gold at its heart. India already occupies a unique position in the world gold market and, as private wealth in India surges over the next ten years, so will Indian demand for gold", WGC Managing Director for India and the Middle East Ajay Mitra said in a statement here.
Indian gold demand has grown 25 per cent despite 400 per cent price rise of the rupee in the last decade, making the country a key driver of global gold demand, the research said.
Gold purchases in India accounted for 32 percent of the global total in 2010.
Further, the council expects an increase by over 30 per cent in real terms.more....
