Gold demand to rise to 1,152.64 tonnes by 2015

By Staff
|
Google Oneindia News

New Delhi, Jan 14 (UNI) India will continue to remain the largest consumer of gold in the coming years, as the domestic gold demand is expected to rise to 1,152.64 tonnes by 2015.

The current demand for gold stands at 800 tonnes which is likely to go up to 980.83 tonnes by 2010 and 1,152.64 tonnes by 2015.

As the share of non-oil imports is 70 per cent of the total imports, the import of gold, silver, pearls, precious and semi-precious stones together account for 18 per cent.

During 2005, India occupied the 17th position (up seven places since 2004) among the 30 top importers in the global merchandise trade.

India imported about 443 tonnes of gold worth 5.82 billion dollars during in the first six months of the current fiscal, according to the monthly report of the National Council of Applied Economic Research.

However, gold imports between April and October 2006 declined by 31.5 per cent, while it rose at a rate of 60-70 per cent in 2004-05 and 2005-06.

The recent decrease is due to a global rise in gold prices, the report suggested.

UNI

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X