India gold demand put at 1,200 ton by 2020

 The World Gold Council research shows that by 2020 cumulative annual demand for gold in India will increase to excess of 1,200 tonnes or approximately Rs 2.5 trillion, at current price levels.

Briefing reporters, World Gold Council, India and Middle East, Managing Director Ajay Mitra said Indian Gold demand reached 963 tonnes or Rs 1.7 trillion in 2010, accounting for 32 per
cent of global demand.

“As private wealth in India surges over the next ten years, so will Indian demand for gold” he added. India’s continued rapid growth which will have significant impact on income and savings, will increase gold purchasing by almost three per cent per annum over the next decade.

Centre for Monitoring Indian Economy (CMIE), Managing Director and CEO, Mahesh Vyas said “macroeconomic forecast to 2020 shows India is poised for very strong period of economic growth and this has significant, positive implications for all forms of gold purchasing in India.”

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