Demand for gold surged 27 per cent in the July to September quarter as jewellers stocked up the yellow metal to meet higher demand during the festive season.
According to newest figures released by the World Gold Council (WGC), India accounted for around a fifth of the total global sales during the three months ended September 30. Global sales dipped 11 per cent to 1,085 tonnes, but India alone accounted for 223 tonnes of the total sales.
Marcus Grubb, of World Gold Council, said, "After a slow start to the first half of 2012, Q3 (September quarter) witnessed a gradual pick up in gold demand in India ahead of the festive and wedding season that falls in Q4."
A part of the impressive increase in gold sales in India was due to a steep depreciation of the Indian currency. In terms of rupees, demand for the yellow metal in India jumped to Rs 65,373 crore, even as global gold sales slipped considerably due to disheartened economic sentiment in European countries.
In China, demand for gold slipped 8 per cent year-on-year in the quarter under review.
During the period between the festivals of Dussehra and Diwali, value of gold sales jumped 30-35 per cent as compared with the precious quarter.