Indian Gold Demand Up
Source: Commodity Online (8/26/10)
"India's gold ETF collections rose more than 82% on year in July."
Traders are hopeful the buying trend is here to stay as India sees economic growth of more than 8% and good farm incomes after a normal monsoon. Gold jewelry is the most common gift at religious events in India, which account for 20% of global demand for the metal.
India's gold collections in exchange traded funds (ETFs) rose more than 82% on year in July.
Total gold demand in Q210 rose by 36% to 1,050 tons, largely reflecting strong gold investment demand compared to Q209. In USD terms, demand increased 77% to $40.4 billion. Investment demand was the strongest performing segment during the second quarter, posting a rise of 118% to 534.4 tons vs. 245.4 tons in Q209.