Indian demand for gold is likely to increase in April-June from the first quarter due to strong buying during a major festival, lower prices and robust economic growth, the World Gold Council said on Thursday.
WGC’s second-quarter gold demand numbers for India, expected to be released by mid-August, will likely show an improvement over the first quarter, when China was the top consumer for gold, overtaking India by nearly 100 tonnes.
“Every quarter is going to be higher than the previous ones this year because GDP growth is expected to be higher and gold prices have come down,” said Somasundaram PR, managing director of WGC’s India operations.
Second quarter buying will be boosted by the festival of Akshaya Tritiya, considered one of the most auspicious days to buy gold in India.
This post was published at Mineweb
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