India's total demand for gold rose by 94 per cent to 365-tonnes in H1 2010 as compared to 188.4-tonnes in H1 2009, the World Gold Council said in a statement here.
The World Gold Council initiates micro-finance scheme to promote investments by low-income groups.
Spot gold was substantially higher at USD 1,117.40 an ounce in early European trade.
India's annual gold consumption is about 800-900 tonnes, of which about 750 tonnes is imported. However, in 3-5 years, domestic refineries would meet the whole demand, reports Rajesh Bayani.
World Gold Council to double investment in India, views organised retail as a boon to industry
According to data compiled by London-based Gold Field Minerals Services (GFMS) for the World Gold Council (WGC), the combination of a robust economy and buoyant stock market helped fuel purchases of the metal during the first eight to nine months of the year, despite gold breaching the psychologically significant level of Rs 9,000 per 10 grams in September.
The rising price of the precious metal has helped the central bank increase overall forex reserves despite currency reserves not rising, and sometimes even falling.
However, in 2020, gold demand in India -- the world's second biggest consumer after China -- could increase to 700-800 tonnes on hopes of increased acceptance of high price level and likely economic reforms boosting consumer confidence, World Gold Council said.
'So far we have paid our salaries and pension in full because we had some reserve fund.' 'But we cannot afford to do so for more than another three months.'
Gold demand fell by 8 per cent to 45 tonnes on this year's Akshaya Tritiya, an auspicious day in the Hindu calendar for new purchase of long-term assets, due to a rise in prices, compared with 48.9 tonnes in a year-ago period, the World Gold Council said.
According to industry estimates, 5 per cent of India's total gold consumption of about 750 tonnes is sold on this auspicious day alone. This year, too, customer's attraction towards gold is likely to continue despite high prices.
This is good news for the central government at a time when crude oil prices are rising.
A gold-encrusted dagger once carried by the builder of the Taj Mahal is expected to fetch some 500,000 Euros at an auction this week, says a report from the World Gold Council web site. The artefact, which was once held by the Mughal Emperor Shah Jahan, is being auctioned at Bonhams on Thursday. The gold-encrusted dagger is part of the collection of Indian and Islamic art & artefacts owned by Jacques Desenfans, who spent more than 50yrs collecting historical & cultural items.
A report from the World Gold Council says that rising demand for luxury goods from India and China may drive the gold prices to a new peak in the next year.
In April and May, there were additions by RBI of 600 kg and 900 kg. RBI's total gold holding is now 561.9 tonnes.
What do the fluctuating gold-silver price ratio portend?
The council is looking at the youth as a segment in the global market and has started the LoveGold on the social media (Facebook and Twitter).
The World Gold Council has suggested that banks be allowed to offer gold-backed saving products to channelise gold investments in the banking sector.
For the first time, consumers, including those at the so-called bottom of the pyramid, are monetising gold by taking loans from banks, offering the yellow metal as collateral, says Tamal Bandyopadhyay.
Rising bullion prices was no deterrent to the Indian gold jewellery segment in India as sales soared in the third quarter of the current fiscal (Q3).
Forecasts of a further rise in bullion prices keep Indians away from selling gold.
'India has about 22,000 tonnes of private gold, held by individuals and temples.' 'Much of this is locked up in safes and vaults as a dead investment. If we can put the vast reserves of gold to use, it would boost the economy,' says V P Nandakumar, executive chairman, Manappuram Finance, India's first listed gold loan company.
The RBI on Wednesday eased gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.
Digital gold is gold purchased online from various platforms including Paytm or Google Pay and stored in your online account.
In 2012, Q4, the country's demand for the yellow metal during stood at 260.3 tonnes and for the entire year it was 863 tonnes.
Some antique jewellery is displayed in a couple of museums in the world.
Dhanteras' buying seemed to have been sparked by the belief that prices would remain firm
Demand bounces back but uncertainty over GST rate for jewellery casts a shadow over future.
Mandatory hallmarking of gold would be a positive in making the gold market more organised. Mandatory hallmarking would come into effect from January 15, 2020, with a one-year transition period for trade to sell existing inventories. Experts also expect more policy measures next year to bring in more transparency in terms of gold as an asset class.
Gold was Rs 28,100 per 10 gm on July 26, 2014.
Those selling ornaments with lower purity might now offer hefty discounts in order to get rid of non-hallmarked stocks
The overall gold demand during the second quarter of 2013 stood at 1,148 tonnes, the World Gold Council Q2 Demand Trends report said.
It rose to 310 tonnes in the second quarter ended June.
Gold sales were reported at 40 tonnes last year; this might have been surpassed this year.
The government has asked jewellers to provide information on purchases of gold bars or jewellery worth more than Rs 500,000 by the end of this month, a move seen keeping a check on big transactions amid rising smuggling.
In August 2013, import duties on gold, silver and platinum were hiked to 10 per cent in order to curb the surging imports and also to check CAD.
IIM-A announced a tie-up with three corporate houses -- CRISIL, ATS Infra and SAP -- for research in financial markets, infrastructure and entrepreneurship.
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