India’s gold demands surge 27 percent in January-March

New Delhi, May 16 (IANS) Demands for gold in India surged 27 percent to 256.5 tonnes in January-March 2013 even though the global demands dropped by 13 percent, the World Gold Council said Thursday.

Addressing the media, World Gold Council India managing director P.R. Somasundaram said demands for the yellow metal for both jewellery and investment purposes remained strong in the first quarter of 2013.

“The price fluctuations in gold have only served to reinforce Indian consumers’ appetite for purchasing physical gold,” he said.

Global demands for gold was 963 tonnes in January-March this year, 13 percent lower year-on-year. The global demands for gold during the period under review was valued at $50.5 billion.

In India, the jewellery demand increased by 15 percent to 159.5 tonnes in January-March quarter while investment demand surged by 52 percent to 97 tonnes.

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