India hot for goldGlobe/wire say Barrick, rivals hear India hot for gold
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Thursday September 08 2005 - In the News
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The Globe and Mail reports in its Thursday, Sept. 8, edition that gold demand rose 14 per cent in the second quarter as economic growth spurred purchases by jewellers and investors in India, the world's biggest buyer of the precious metal, the World Gold Council said. A Bloomberg News dispatch to The Globe reports that global demand rose to 949 tonnes from 835 tonnes a year earlier, the London-based industry group said Wednesday in a statement. India's demand for the metal surged a record 47 per cent to 277 tonnes. Purchases by jewellers gained 42 per cent and investor buying soared 79 per cent, the council said. "India is the largest consumer of gold and the fastest growing," said the council's New York investment manager George Milling-Stanley. "Demand in the first quarter was extraordinarily strong, so I am surprised that we continue to see growth in the second quarter." India, Asia's fourth-largest economy, expects gross domestic product to expand 7 per cent in the year ending March 31, following 6.9-per-cent growth last year. Global gold demand for jewellery was 728 tonnes, up from 635 tonnes a year earlier, based on figures from London-based GFMS, the council said.
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