According to the World Gold Council (WGC), gold demand in India will grow in the second half of 2016. Favorable monsoon rains will stimulate demand in rural areas during the peak holiday season.
Demand for gold in the country fell to its lowest level in seven years in the first half of 2016. Two-thirds of the demand in India, the second-largest gold consumer, fall to the villagers, where jewelry is considered to be the traditional way of investment. Gold consumption is expected to increase as farmers will be supported on the back of strong monsoon this year. This factor is likely to support the international price of gold, which are close to the highest level since March 2014. "We expect that demand for gold will be back to normal values during weddings and festivals close to the Indian holiday of Diwali He will be supported by the strong monsoon, which have a positive impact on demand in rural areas." - said PR Somasundaram (PR Somasundaram), WGC managing director of the Indian unit.
In recent quarters the demand for gold in the rural areas of India after the first drought in three decades which reduced the profits of farmers has decreased. It is expected that during the monsoon from June to September in India will be observed enhanced showers.
For the quarter ending in December, as a rule, account for about a third of gold sales in India, as it includes the beginning of the wedding season and Danteras and Diwali festivals. During these periods, buying gold is considered auspicious.
Somasundaram predicts that in the second half of the year demand for gold will increase to 503 - 603 tons despite a 26 percent rally in prices for the metal in the country. In the quarter ended in June, jewelery demand in India fell by 20% compared with the year-ago levels, while investment demand fell 12%. Consequently, the demand forecast WGC lowered to 2016 to 750 - 850 tons, against the previous estimate of 850 - 950 tons.
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