Indian Physical Demand Expected To Rise to 1,200 Tonnes By 2020: WGC

The World Gold Council's estimate of Indian demand for 2010 has been tightened to 963.1 tonnes. They expect demand to keep rising, though not by a great amount in annual terms. They're forecasting Indian buying to reach 1,200 tonnes by 2020.

“The rise of India as an economic power will continue to have gold at its heart. India already occupies a unique position in the world gold market, and as private wealth in India surges over the next ten years, so will Indian demand for gold,” WGC Managing Director, India and the Middle East, Mr Ajay Mitra said in a statement here.

Despite prices quadrupling in rupee terms over the last decade, Indian demand had risen 25% in that timeframe.