India records 84 per cent increase in gold for Q4

India records 84 per cent increase in gold for Q4India witnessed 84 per cent increase in gold demand for the fourth quarter of 2008, proving it as a safest heaven for investment after the plunge of share market and low interest rate regime following global financial crisis.

Gold demand surged to 147.2 tonnes in the fourth quarter in 2008 from 80 tonnes a year earlier, as per data collected by Gold Fields Mineral Services, an independent consultancy, for the World Gold Council (WGC).

China, the second largest consumer of gold after India, also witnessed three times increase in demand in 2008, causing substantial increase in gold prices in India and all over the world. China consumed 395.6 tonnes of bullion in 2008 as compared to 327.8 tonnes in 2007 as per reports of the World Gold Council.

Albert Cheng, Far East managing director of the World Gold Council, said, "Going forward, investment demand will remain robust in China because people are looking for an investment tool that they easily understand. In terms of jewellery demand, the 24-carat jewellery demand is going very strong."

Meanwhile, the precious metal was trading at $985.95 an ounce on Thursday, with strong demand from global investors, finding it as the safest investment mode in the midst of global financial crisis.

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