India's gold imports may touch 800 tonne
- Former Ranji player held, Sreesanth and others to be produced in court today
- Li Keqiang pitches for more Chinese investments as he backs trade balance
- All eyes on Narendra Modi as BJP set to discuss strategy for Lok Sabha polls
- SC agrees to hear PIL to stay IPL matches due to spot-fixing
- Monstrous tornado rips through US city of Oklahoma, 90 dead
India's net gold imports for domestic consumption are likely to be about 800 tonne this year following a pick-up in momentum during the festival season, according to the World Gold Council (WGC).
In 2011, the net imports for domestic consumption stood at 969 tonne.
"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 Achrya said.
2011, he said, was an extraordinary year and the demand was very high and so were the imports. In the long run, he said, the demand for the precious metal remains strong.
Talking about China, he said, even as the demand during quarter three was weak, it is picking up. Quarter four in China is usually strong due to festival season.
"By the end of this year, we still hope that China may still become the largest importer of the yellow metal overtaking India by a whisker," he said.
India is just 20 tonne ahead of China at present.
China is not only becoming one of the largest consumer, but also is one of the major producers. "The jewellery demand in China is very high, driving the imports," WGC Director, Investment, Stephen Richardson said.
Jewellery is the largest growth driver for the yellow metal. However, with increasing awareness, gold electronic traded fund (ETF) is gaining ground globally, he said.
"The investment is catching up in the matured markets and will become one of the a major growth driver for gold in future," he added. However, in India and China, even as ETF is gaining, it is a low start, he said.
"In both the markets, ETF is not very high. There is a need for more awareness and the market to become sophisticated for the ETF to gain more grounds."
- 'Sophisticated' Indian cyberattacks targeted Pak military sites: Report
- Talkative Li quoted Weber, Hegel, Jobs, said PM is large-hearted
- Bihar food corp ends up with chaff as rice worth Rs 535 cr vanishes from mills
- In 7 lucrative minutes on May 9, Sreesanth bowled 6 balls, bookie made Rs 2.5 cr
- India and China ask border envoys to work on more steps
- Former Ranji player among 3 more held