As per World Gold Council (WGC), gold demand in India is about to rise 33% by 2020. The cumulative annual demand will be in excess of 1,200 tonnes by 2020, valued at about Rs 2,50,000 crore at current price levels.
According to a new research conducted by the World Gold Council (WGC), the demand for gold in India would be driven by rapid GDP growth, urbanization and rise in income and savings levels of the consumer. The gold purchasing would increase by almost three per cent per annum over the next decade.
Gold purchases in India accounted for 32 per cent of the global total in 2010. Mahesh Vyas, managing director & CEO, CMIE said, “Our macroeconomic forecast to 2020 shows India is poised for a very strong period of economic growth and this has significant, positive implications for all forms of gold purchasing in India.”
The research highlights that with 50 per cent of the Indian population under 25 and approximately 150 million weddings anticipated over the next decade, which will drive gold consumption. The WGC expects that wedding related purchasing alone would drive around 500 tonnes a year in India. A further 500 tonnes of existing gold will be gifted by one family to another. For the latest updates PRESS CTR + D or visit Stock Market news Today
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