Gold consumption in India may go up 23% to 1,000 tonne this year if the country achieves a GDP growth of 7.5-8%, the World Gold Council indicated.
India consumed 191.7 tonne of gold in the quarter to March, an increase of 15% over that in the year-ago period but lower than the five-year average of 233 tonne.
The demand for jewellery during the first three months of the year was 22% more than that in the year ago period, at 150.8 tonne compared to 123.5 tonne. Investment demand was, however, down 6% at 40.9 tonne, compared to 43.6 tonne in the first quarter of 2014. This was in sharp contrast to the overall global trend, which saw a 3% drop in jewellery demand and a 4% increase in investment demand.
Contributed By Sonia Narula