India’s net gold import for domestic consumption is likely to be about 800 tonnes this year following a pick-up in demand during the festive season, according to the World Gold Council (WGC).
Last year, the net import for domestic consumption was 969 tonnes.
“The first two quarters the demand was not that great following economic downturn, monsoon deficit, duty issues and jewellers strike, high prices.
However, it picked up last month in the festival season and this year we expect the gold demand to be around 800 tonne,” WGC Director (Investment) Amresh Acharya said.
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