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Yellow fever: India's gold demand over the past 10 years

July 03, 2013 08:13 IST

India's gold demand over the past 10 yrs

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Of late, gold has become a pain for policymakers in India. Finance minister P Chidambaram blames gold imports for the widening current account deficit.

Their fears are compounded as the yellow metal’s price had come under pressure after the dollar strengthened recently. The demand for gold surges in India every time there is a price correction.

Are the policymakers and regulators justified in making gold the scapegoat for India’s economic problems?

Though there’s no clear answer to that, one thing is certain, India’s love affair with gold just grows stronger year-on-year.

We look at the rising demand for gold in India and how it has increased in the last decade.

Source: World Gold Coucil

Year: 2003

India Gold Demand (in tonnes): 528

Value ($/billion): 6.2

Value (Rs/billion): 287

Gold price ($/oz, Annual Avg): 363.3

Gold price (Rs/10g, Annual Avg): 5,435.1

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Image: A man stands in front of a billboard advertising jewellery in the southern Indian city of Chennai.
Photographs: Babu Babu/Reuters

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India's gold demand over the past 10 yrs

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Year: 2004

India Gold Demand (in tonnes): 617.7

Value ($/billion): 8.1

Value (Rs/billion): 367.9

Gold price ($/oz, Annual Avg): 409.2

Gold price (Rs/10g, Annual Avg): 5,955.6

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Image: An employee poses with gold biscuits inside a jewellery showroom in Mumbai.
Photographs: Danish Siddiqui/Reuters
Tags: India

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India's gold demand over the past 10 yrs

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Year: 2005

India Gold Demand (in tonnes): 709.1

Value ($/billion): 10.1

Value (Rs/billion): 446.8

Gold price ($/oz, Annual Avg): 444.5

Gold price (Rs/10g, Annual Avg): 6,301.3

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Image: A man speaks over his mobile phone as customers buy gold at a jewellery showroom in the southern Indian city of Chennai.
Photographs: Babu Babu/Reuters
Tags: India

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India's gold demand over the past 10 yrs

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Year: 2006

India Gold Demand (in tonnes): 712

Value ($/billion): 13.8

Value (Rs/billion): 626.2

Gold price ($/oz, Annual Avg): 603.8

Gold price (Rs/10g, Annual Avg): 8,796

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Image: A customer looks at jewellery at a gold shop in Yangon.
Photographs: Soe Zeya Tun/Reuters
Tags: India

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India's gold demand over the past 10 yrs

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Year: 2007

India Gold Demand (in tonnes): 771.1

Value ($/billion): 17.3

Value (Rs/billion): 711.2

Gold price ($/oz, Annual Avg): 695.4

Gold price (Rs/10g, Annual Avg): 9,223.7

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Image: A saleswoman stands behind the showcased gold necklaces at a jewellery showroom in Agartala, capital of India's northeastern state of Tripura.
Photographs: Jayanta Dey/Reuters
Tags: India

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India's gold demand over the past 10 yrs

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Year: 2008

India Gold Demand (in tonnes): 823.2

Value ($/billion): 23.1

Value (Rs/billion): 999.7

Gold price ($/oz, Annual Avg): 872

Gold price (Rs/10g, Annual Avg): 12,142.6

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Image: An employee displays a gold necklace.
Photographs: Yuriko Nakao/Reuters
Tags: India

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India's gold demand over the past 10 yrs

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Year: 2009

India Gold Demand (in tonnes): 642.4

Value ($/billion): 20

Value (Rs/billion): 970.7

Gold price ($/oz, Annual Avg): 972.4

Gold price (Rs/10g, Annual Avg): 15,111.3

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Image: A woman looks at jewellery while shopping at a bazaar.
Photographs: Morteza Nikoubazl/Reuters
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Year: 2010

India Gold Demand (in tonnes): 1,006.3

Value ($/billion): 39.6

Value (Rs/billion): 1,811

Gold price ($/oz, Annual Avg): 1,224.5

Gold price (Rs/10g, Annual Avg): 17,997.3

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Image: A shopkeeper displays gold jewellery at a shop in Jammu.
Photographs: Mukesh Gupta/Reuters
Tags: India

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Year: 2011

India Gold Demand (in tonnes): 986.3

Value ($/billion): 49.8

Value (Rs/billion): 2,330.1

Gold price ($/oz, Annual Avg): 1,571.5

Gold price (Rs/10g, Annual Avg): 23,624.1

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Image: Gold biscuits at a jewellery showroom in Mumbai.
Photographs: Danish Siddiqui/Reuters
Tags: India

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Year: 2012

India Gold Demand (in tonnes): 864.2

Value ($/billion): 46.4

Value (Rs/billion): 2,475.02

Gold price ($/oz, Annual Avg): 1,669

Gold price (Rs/10g, Annual Avg): 28,639.4


Image: A model displays gold jewellery at a show in the southern Indian city of Hyderabad.
Photographs: Krishnendu Halder/Reuters
Tags: India

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