India Buying Gold "Close to 2007 Levels"
Tuesday, 5/25/2010 09:40
India's gold jewelry demand – the world's largest single market for Buying Gold – has recovered from the sharp declines of 2008 and 2009, according to analysis from marketing-group the World Gold Council.
Gold Buying demand stood "close to 2007 levels" between Jan. and end-March, says Ajay Mitra, the WGC's managing director for India and the Middle East, speaking to Reuters.
2007 was India's strongest-ever period for private household gold demand. In 2010, "Growth in value terms [year-on-year] is in double-digits, close to 40-45%," says Mitra.
"Demand for gold in Q1 has been robust."
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