Mumbai, May 26: Gold demand is expected to be strong during 2010 due to increasing interest for jewellery in India and China irrespective of high local prices, the World Gold Council said today.
“Demand in India and China will continue to grow driven by jewellery demand, in spite of high local currency gold prices,” WGC’s Gold Demand Trends report published said.
It said that in the first quarter of 2010, India was the strongest performing market as total consumer demand surged by 698 per cent to 193.5 tonnes. In China, the demand proved resilient and increased 11 per cent in Q1 of 2010 to 105.2 tonnes.
On May 12, gold prices in India increased to Rs 56,032 an ounce, the highest level for the year, while in China, it reached an all-time high of RMB 8,480 an ounce, WGC said.
–Agencies