LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

India's gold demand may touch up to 950 tonnes level by 2020 on economic growth, greater transparency says WGC

World Gold Council on Wednesday said India's gold demand may go up to 950 tonnes level by 2020 on back of economic growth and greater transparency.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
India's gold demand may touch up to 950 tonnes level by 2020 on economic growth, greater transparency says WGC
The World Gold Council said after plummeting last year, demand for the precious metal is unlikely to fall further. Representational Image. Image Source: Reuters
Written By: PTI
Updated: Wed, Mar 08, 2017
06:29 pm
Mumbai , PTI
RELATED NEWS
India's gold demand fell sharply by 21% to 676 ton in 2016 India's gold demand fell sharply by 21% to 676 ton in 2016
India's gold demand falls over 28% in Q3 of 2016: WGC India's gold demand falls over 28% in Q3 of 2016: WGC
Gold demand likely to fall to 750 tonnes in 2016 on high price: WGC Gold demand likely to fall to 750 tonnes in 2016 on high price: WGC
Global gold demand surges 21% on economic unrest: Report Global gold demand surges 21% on economic unrest: Report
 Indian gold demand to revive in H2 on surplus monsoon rains, says WGC Indian gold demand to revive in H2 on surplus monsoon rains, says WGC

Economic growth and greater transparency within the country's gold market will boost demand for the yellow metal up to 950 tonnes level by 2020, World Gold Council (WGC) said in a report on Wednesday.

India's gold demand has fallen sharply in the past, but recovered subsequently, and attempts by the authorities to clamp down on the yellow metal failed as it is too intimately ingrained in the society, mentions the report.

WGC said after plummeting last year, demand for the precious metal is unlikely to fall further.

"While demand is likely to improve, our view for 2017 is cautious: we expect consumers to buy between 650 tonnes and 750 tonnes. However, over time, we anticipate that economic growth and greater transparency within India's gold market will push demand higher. By 2020, we see Indian consumers buying between 850 tonnes and 950 tonnes," the report added.

It is likely that the impact of demonetisation will have a behavioural impact too, the report stated.

ALSO READ: India's gold demand falls over 28% in Q3 of 2016: WGC

"We conducted a large scale piece of consumer research in quarter one 2016, in which 63% of respondents in India agreed with the statement 'I trust gold more than the currencies of countries'. And 73% of respondents in India agreed with the statement 'gold makes me feel secure for the long-term'," the report said.

The demonetisation programme, hence, will underpin these beliefs.

Demonetisation is also boosting large jewellery retailers and they will continue to grab a larger share of the market, the WGC said.

Over time, it said, consumers will move away from cash towards digital payments, and organised players will benefit from this trend.

This change in market dynamics will result in more transparency and a better deal for consumers, protecting them from shady practices like under carating, WGC added.  

ALSO READ: India's gold demand fell sharply by 21% to 676 ton in 2016

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
India gold demandEconomygold demandWorld Gold CouncilWGCIndian Gold DemandDemonetisationdigital paymentsEconomic growthgreater transparency
RELATED NEWS
India's gold demand fell sharply by 21% to 676 ton in 2016 India's gold demand fell sharply by 21% to 676 ton in 2016
India's gold demand falls over 28% in Q3 of 2016: WGC India's gold demand falls over 28% in Q3 of 2016: WGC
Gold demand likely to fall to 750 tonnes in 2016 on high price: WGC Gold demand likely to fall to 750 tonnes in 2016 on high price: WGC
Global gold demand surges 21% on economic unrest: Report Global gold demand surges 21% on economic unrest: Report
 Indian gold demand to revive in H2 on surplus monsoon rains, says WGC Indian gold demand to revive in H2 on surplus monsoon rains, says WGC

LATEST NEWS

CBSE Board Exam 2021 Latest News: Class 10, 12 students alert! Controller Dr. Sanyam Bhardwaj says this

Lockdown in Delhi? CM Arvind Kejriwal confirms this after review meeting

Vakeel Saab: Amazing review by Superstar Mahesh Babu for Power Star Pawan Kalyan blockbuster movie

Earthquake hits this region of Madhya Pradesh

Amazing investment strategy to enjoy life after retirement! This is the right approach to achieve solid financial stability

PM Narendra Modi says 'Tika Utsav' beginning of second big war on COVID-19

Mid Cap Picks with Anil Singhvi: Bombay Burmah, Fine Organic and Gujarat Alkalies are Jay Thakkar's top recommendations

Air Bubble agreement: Finalised! Travel between India, Sri Lanka to become easier - Here is how

Stock Market Outlook: Nifty, Bank Nifty support range REVEALED; Anil Singhvi says global cues, corona cases and FIIs data will be crucial

Indian Railway Stations Development Corporation (IRSDC) invites e-Request for Proposal (RFP) for this railway station development

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved