Survey: Demand for gold in India will touch 950 tons on the year 2020
Posted on: 09/Mar/2017 4:06:00 PM
The World Gold Council, on its latest report, has reported that the demand for gold in India will touch 950 tons in the year 2020.
In the recent past, there was a setback in the demand for gold in India.
However, gradually, the old demand was picked up. There is no scope for reducing the demand for gold in the Indian Society.
The report says that the main reason is that gold is intricately linked with the culture and lifestyle of the Indian Society.
Though it is expected that there will be an increase in the demand for gold in the year 2017, this survey has estimated it with some caution. It is expected that the customers may buy 650 to 750 tons of gold. However, it is expected that due to reasons like the economic growth of the country and the transparency in gold trading will result in an increase in demand for gold.
It can be safely estimated that the demand for gold in India by the year 2020 would increase to 850 to 950 tons.
In a survey conducted during the 1st quarter of 2016, the majority of 63 percent agreed to the statement that they trust more in gold than cash. 75 percent answered that they feel safe with gold as a long-term investment.
