15/11/2010
By Ilonka Oudenampsen
India is now playing a fundamental role in global gold market, according to a research paper by the World Gold Council. India: Heart of Gold addresses recent developments in the Indian gold market, in the context of the revival of Indian demand for gold in 2010.
The report highlighted that in 2009 the total Indian gold demand reached $19 billion, which accounts for 15% of the global gold market, and over the past ten years the demand has grown at an average rate of 13% per year.
Eily Ong, investment research manager at the World Gold Council, said: “India is the largest gold market in the world and, as such, the likely recovery of local gold demand to pre-crisis levels is of considerable strategic importance to the wider gold market.
“Gold is an integral part of Indian society and a foundation of wealth and savings in India. As consumers have adjusted their price expectations upwards, a further rise in gold jewellery and investment demand is anticipated and this trend is projected to continue over the long-run as local investors are buying gold driven by wealth accumulation motives.”
The report is the first in a new series on the Indian gold market, with the second scheduled for publication in 2011, which will analyse the strategic outlook for Indian gold demand over the next several decades.
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