Gold Council Cuts India Demand Forecast to Lowest in Seven Years
- Indian demand seen recovering next year to 800 to 1,000 tons
- October imports said to more than double to highest this year
QuickTake: Has Gold Lost Its Allure?
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Elevated gold prices and India’s push for more transparency on purchases and income disclosure will cut the nation’s demand for bullion in 2016 to its lowest in seven years, before consumption recovers in 2017, according to the World Gold Council.
The WGC trimmed its demand estimate for a second time this year to between 650 and 750 metric tons, after lowering its forecast by 100 tons in August. Those would be the weakest figures for India since the 578.5 tons consumed in 2009. Demand last year was 858.1 tons, according to council data.