Global gold demand India overtakes China: WGC

[narcon]

Global gold demand near 5-year low in Q3, India overtakes China: WGC - TOI Mobile | The Times of India Mobile Site

​

India, which lost its crown as the leading gold buyer to China in 2011, saw a 60 per cent surge in jewellery demand in the third quarter.

LONDON: Global gold demand fell to its lowest in nearly five years in the third quarter as Chinese buying slid by a third, the World Gold Council said on Thursday, putting it back behind India as the world's biggest gold consumer.

Total gold demand fell 2 per cent to 929 tonnes in the third quarter, the data, prepared in conjunction with GFMS analysts at Thomson Reuters, showed. That is the lowest since the last three months of 2009.

Last year's number one consumer China saw a 39 per cent drop in jewellery consumption as well as a 30 per cent fall in bar and coin investment. Combined demand fell 37 per cent.

READ ALSO: Prices at record low, investment grows in gold in Ahmedabad

India once again took over as the world's biggest gold consumer, buying 225.1 tonnes of gold jewellery, coins and bars last quarter, compared to 182.7 tonnes in China.

India, which lost its crown as the leading gold buyer to China in 2011, saw a 60 per cent surge in jewellery demand in the third quarter.

 

[Sahasranama]

Indians are smart.

Gold is the ONLY sure shot way to beat inflation.

 

[sree45]

Not good.

 

[Sahasranama]

Not good.

Why not ?

 

[sree45]

Why not ?

Gold increases Current Account Deficit. Which puts pressure on rupee, which in turn puts pressure on the economy.

 

[Sahasranama]

Gold increases Current Account Deficit. Which puts pressure on rupee, which in turn puts pressure on the economy.

The solution to that is to increase our exports, not decrease our import of gold........ or import Rafale a/c.

For more than 2000 years, India has be the worlds largest importer of Gold. Its not going to change any time soon. Its time we started playing to our strengths.

 

[Donatello]

More like Jahez/Dahez demand.

 

[narcon]

Gold increases Current Account Deficit. Which puts pressure on rupee, which in turn puts pressure on the economy.

There are trade-offs though.
Curb the gold import and your jewellery exports go into nose dive mode!

And India's top ten export merchandise list - Gems and Jewellery is second on the list, so you can imagine on this.

 

[Sahasranama]

The earliest recorded complaint against India's insatiable need for gold came from the Roman Emperor who complained to his senate that Roman gold was disappearing into India.

The Entire World History can be traced back to India's demand for gold. Rome lost so much gold into India that the Roman empire decided to start reducing the gold contents in their coin. That was no help since India started refusing roman coins and traders started melting coins back into pure gold for trade purpose.

In 1664 the French complained that all the gold in the universe disappeared into India as if it was an abyss, because none of it ever came out of India. India only purchased gold, never sold any.

The Byzantine Empire too realized that India sucked away all their gold via trade. The Ottoman Empire too put restrictions on gold sale to Iran, from where it went to India. Iran in return also restricted sale of gold to India.

 

[Sahasranama]

Does anybody here know how a Britisher named Montagu Norman used Indian gold to save Europe ?

 

[nair]

Just saw a report in local news paper, which says " 25% of gold imported are used by Mallu's"

 

[INDIC]

Just saw a report in local news paper, which says " 25% of gold imported are used by Mallu's"

I have seen photos of mallu brides loaded in gold.

 

[Archie]

More like Jahez/Dahez demand.

Could be since October to Feb is the main wedding season in India and most families shop for gold before the marriage

 

[nair]

I have seen photos of mallu brides loaded in gold.

Lol Just google for the images for heavy jewelry ...... Most of this gold will reach its ultimate destination..... Bank locker.......

Rich will keep it in their locker.... Poor will keep it in bank's locker after taking a loan......

 

[pursuit of happiness]

Indians are smart.

Gold is the ONLY sure shot way to beat inflation.

--
gold is only way to get economy down
indian by nature and tradition gold hungry
chinse more on invesnt side may be
as gold is not much in to tehir traditon like weddings
if im wrong please update