Former top gold importing nation India's yellow metal imports may bounce back to 1,000 ton level this year as demand remains firm despite an official crackdown , as per World Gold Council.
According to WGC, for the first time India lost its tag of the world's largest gold consumer to China, which lapped up 1,065.8 tons of the precious metal in 2013. India's demand came down to 974.8 tonnes following wide- scale curbs imposed by the government to tame hunger for the precious metal.
After a drop last year, India's gold demand is expected to remain in the level of 900-1,000 tons in 2014, said Somasundaram PR, Managing Director (India) at World Gold Council, via FE.
He, however, didn't offer any precise forecast on imports in 2014, saying that official import data don't factor in supplies through illegal channel and, therefore, don't reflect the correct picture. But analysts say imports in this calendar year could hit at least 900 ton in 2014, up 9% from last year.
Source:- metal.com
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