Rural gold buying to boost festive season demand in India: WGC
World Gold Council (WGC) said that the rural purchase of gold this festive season will provide fresh momentum to gold demand in the country. WGC has earlier revised the demand for gold this year to 850 tonnes from 750 tonnes.
“Rural consumption demand has been showing signs of improvement and given the favourable monsoons and higher crop sowing this year, economic conditions there are expected to improve. This could lead to increased gold buying interest, particularly during the ongoing festive period,” said Kavita Chacko, Research Head India, WGC.
Momentum in gold jewellery buying and investment is expected to continue and rural buying to provide impetus, the report said.
Gold experienced strong gains in August, with international prices rising by 3.7% and domestic prices by 3.9%, driven by the expectation of easing interest rates in the US and the resultant drop in the US dollar. Gold’s strength was extended to September; the international and domestic prices have increased by 2.8% and 1.6% respectively.
Despite these gains, domestic prices remain 2 per cent below their levels before the Union Budget announcement on July 23, due to the 9 per cent reduction in import duty from 15 per cent to 6 per cent.
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