Demand amid price surge: India bought more gold in Q4 | business | Hindustan Times
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Demand amid price surge: India bought more gold in Q4

business Updated: Feb 17, 2010 21:17 IST
HT Correspondent

While gold prices firmed up worldwide last year, Indians spent more on gold in the festive season of 2009. Domestic demand for the commodity rose 13 per cent year-on-year to 180.7 tonnes in October-December.

According to data released by the World Gold Council on Wednesday, the demand for gold in terms of quantity grew 13 per cent, demand in value terms rose 56 per cent. Total amount spent to purchase the commodity went up to $6,930 (Rs 31,878 crore) in the fourth quarter of 2009 from from $4,078 (Rs 18,758 crore) during the same period of 2008.

More than 75 per cent of spending was on jewellery and the Indian share of worldwide jewellery spending rose to 27 per cent from 20 per cent.

“Indians bought more as there was more money available because of bonuses and arrears paid on account of implementation of the Sixth Pay Commission,” said Ajay Mitra, managing director, World Gold Council, India.

Global gold supply went up from 3,513 tonnes in 2008 to 3,890 tonnes in 2009.