Gold demand likely to gain in second half: WGC

Nov 06 2012, 20:31 IST
Comments 0
Gold demand likely to gain in second half: WGC (Agencies) Gold demand likely to gain in second half: WGC (Agencies)
SummaryHe added that the wedding season, which will start at the end of the month, will also buoy the demand for the metal.

Spurred by festival and wedding events, gold demand in India is likely to gain pace in the second half of 2012 after a dip of 8 per cent in the yellow metal's value in the first six months, World Gold Council said today.

The demand for gold has been "fairly robust in the long run" and stood at around 700 tonnes in the last three years, World Gold Council Director (Jewellery) Vipin Sharma told reporters here after launching its wedding jewellery collection 'Azva'.

However, there had been a eight per cent "dip in value" of the precious metal in the first half of 2012 compared to the same period in 2011 but demand will pick up in the wake of the festive season.

He added that the wedding season, which will start at the end of the month, will also buoy the demand for the metal.

"Today, 50 per cent of the gold is bought for weddings," he said.

Speaking about the collection 'Azva' -- inspired by the seven wedding vows -- he said, initially the collection would be available in the four metros, and will be later expanded to 20 other cities of India in a phased manner.

Azva will be available in select jewellery stores here from November 10, Sharma said.

The target age group is 23-30 years, he added.

The collection ranges in the category of 70-300 grams and the price range is broad, Sharma said.

Azva was launched following an extensive survey with Indian consumers, he added

Ads by Google

More from Business

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...