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Monday, 16th November 2009 (5125 views)

Consumption of gold in India is set to remain stable in 2009, despite global economic turbulence and a worldwide recession, according to reports.

Traders of the precious metal expect consumption for the 2009 calendar year to top between 800 and 850 tonnes, while total imports of gold are set to stand at between 475 and 500 tonnes, the Economic Times stated.

Last year, total gold consumption in India topped 900 tonnes, thanks to "sustained rural buying" and heavy demand from retail investors.

Agri-commodity consultant Dhimant Bhatt said investment demand is forecast to remain stable this year.

He added that the generally bullish outlook for gold is set to continue into 2010.

According to Reuters, August is a key month for gold demand in India as it marks a period of religious festivals for Hindus and is a peak time for weddings, where gold jewellery is traditionally given to the bride.

The news service noted that in 2008, India represented around 20 per cent of the worldwide market for gold jewellery.

 

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