India regained its number one rank in gold consumption
from China in the third quarter of the current calendar year, according to World
Gold Council (WGC).
India's gold demand surged 39 per cent at 225.1 tonnes
in the quarter between July - September quarter of 2014 as against 161.6 tonnes
in the corresponding quarter of the previous year, said a WGC data.
Meanwhile, jewellery demand in China nosedived by 37%
at 182.7 tonnes for the quarter ended September '14 as compared to 291.2 tonnes
in the corresponding period last year.
Of the total Indian gold, jewellery demand shot up by
60% to 182.9 tonnes in the Q3, '14 as compared to 114.5 tonnes in the same
quarter last year.
A steep surge in Q3 gold demand may be a cause of
concern for the government as the total demand in value terms has reported a
rise of 35% to $9.3 billion from $6.9 billion.
In rupee term also, gold demand shot up by 31% to Rs 56,219.3 crore in Q3, 14 versus Rs 42,829.6 crore in the July - September quarter previous year.
In rupee term also, gold demand shot up by 31% to Rs 56,219.3 crore in Q3, 14 versus Rs 42,829.6 crore in the July - September quarter previous year.
Global demand of gold, however, reported a marginal 2%
decline in the third quarter at 929.3 tonnes as compared with 952.8 tonnes in
the same period last year.
Gold supply through recycling, marginally increased at 18 tonnes in Q3 '14 compared with 17 tonnes in the same period last year and 16 tonnes in the second quarter of the current year.
Gold supply through recycling, marginally increased at 18 tonnes in Q3 '14 compared with 17 tonnes in the same period last year and 16 tonnes in the second quarter of the current year.
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