Despite a 20 percent drop in gold imports in the third quarter, India's gold demand will continue to climb and by 2020 it might reach 1200 tons, Analysts said.
Gold jewellery
They said Indian demand for gold will be driven by savings and real income levels, not by price .
Gold prices in India went up 18.35 per cent against an international price increase of 8.24 per cent during the September quarter.
As a result, in value terms, the overall demand went up 5.6 per cent to Rs 51,028.3 crore as against Rs 48,354.48 crore in the same quarter last year.
World Gold Council on Thursday said India’s imports fell 20 percent in the July to September period to just 200 tonnes but should pick up to beat last year’s 281 tonnes in the fourth quarter, as buyers invest against the ravages of near double-digit inflation.
In 2010, India's total annual consumer demand reached 963.1 tonnes.
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