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Monday, 19th April 2004 (4171 views)

India's gold demand continued to grow through 2003 despite rising prices for the precious metal, according to a new survey.<BR/><BR/>The Gold Survey 2004 by GFMS showed that demand increased by 2.5 per cent in India and more purchases were expected this year as a result of the $400 price mark becoming acceptable, according to the Business Standard.<BR/><BR/>"Small gains were recorded in two of the most important gold jewellery markets - China and India. Rapid adjustment of consumers price expectations and robust economic growth fuelled in part by a good monsoon helped Indian demand rise 2.5 per cent," commented GFMS director Paul Walker.<BR/><BR/>Forecasts for the jewellery market remain positive for this year according to the survey and the gold jewellery market is set to improve following price adjustments within the sector.<BR/><BR/>In addition demand in Turkey increased by 46 per cent year-on-year in 2003 and is now seen as the third largest jewellery fabricator in the world.

 

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