Monday, 19th April 2004 (2635 views)

India's gold demand continued to grow through 2003 despite rising prices for the precious metal, according to a new survey.

The Gold Survey 2004 by GFMS showed that demand increased by 2.5 per cent in India and more purchases were expected this year as a result of the $400 price mark becoming acceptable, according to the Business Standard.

"Small gains were recorded in two of the most important gold jewellery markets - China and India. Rapid adjustment of consumers price expectations and robust economic growth fuelled in part by a good monsoon helped Indian demand rise 2.5 per cent," commented GFMS director Paul Walker.

Forecasts for the jewellery market remain positive for this year according to the survey and the gold jewellery market is set to improve following price adjustments within the sector.

In addition demand in Turkey increased by 46 per cent year-on-year in 2003 and is now seen as the third largest jewellery fabricator in the world.

 

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