India's 07 gold demand seen jumping by 50 pct -WGC Thu Aug 30, 2007 11:15PM IST
1 of 1Full SizeBy Ruchira Singh
MUMBAI (Reuters) - India's demand for gold in 2007 is likely to jump by 50 percent, from 2006, to record levels as lower prices lift buying interest, a senior official of the World Gold Council said on Thursday.
If realised, Indian gold demand would exceed 1,000 tonnes for the first time.
"The early indications are for a very, very strong year for India's gold demand," Philip Olden, managing director and chief marketing officer of World Gold Council, told Reuters.
"If the price stays stable, then you are probably looking at demand which is at least 50 percent higher than last year," Olden said in an interview during a visit to India.
The World Gold Council is funded by the world's leading gold companies with the aim of promoting demand for the metal.
But if prices rise, volumes may fall -- though in value terms, gold demand may still jump by 50 percent, he added.
In 2006, India's demand for gold was 715.5 tonnes.
Latest figures from the WGC show India's gold demand in the first half of 2007 was 528.2 tonnes including jewellery and net retail investment demand.
MON Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
