(a) whether the demand of gold in india has fallen significantly;
(b) if so, the factors responsible for the declining trend; and
(c) its impact jewellery market and stock market thereof?
(a) whether the demand of gold in india has fallen significantly;
(b) if so, the factors responsible for the declining trend; and
(c) its impact jewellery market and stock market thereof?
MINISTER OF STATE IN THE MINISTRY OF FINANCE AND COMPANY AFFAIRS (SHRI ANANDRAO V. ADSUL)
(a) According to the World Gold Council and Gold Fields Mineral
Survey (an independent London based market research agency), the
consumer demand for gold in India dropped to 363 MT during the
period January to September, 2002 from 570 MT in the same period
last year.
(b) The adverse factors that affected global demand for gold seem
to have had an impact on demand for gold in India also. The rise
in the dollar gold price, the price volatility and the weak world
economy continued to deter purchases of gold world-wide and in
India.
(c): The high and sometimes volatile prices remained a deterrent to
jewellery purchases. The jewellery demand (excluding that funded
by recycled gold) dropped in tonnage terms by 6.2% during the
quarter July to September, 2002 vis-Ã -vis the first half of the
year.
Gold prices have recently reached new highs while increasing
volatility on the stock markets worldwide is also visible.