Investment demand spurs India’s Q2 gold imports
MUMBAI |
MUMBAI (Reuters) – Gold imports into India, the world’s biggest buyer of the metal, jumped 60 percent to 267 tonnes in three months to June, as investors stepped up purchases to protect their wealth from inflation, the World Gold Council said on Thursday.
“With inflation reaching record numbers and there being extreme volatility in the equity markets, investments in gold continues to prove popular as investors look to diversify their portfolios,” said Ajay Mitra, managing director with World Gold Council (WGC) India and Middle East.
India’s investment demand jumped 78 percent to 108.5 tonnes, while jewellery demand rose 17 percent in the second quarter to 139.8 tonnes.
WGC said the prospects for the Indian markets remain optimistic, although momentum could slow in the seasonally quiet third quarter.
(Reporting by Siddesh Mayenkar; Editing by Rajesh Pandathil)
Article source: http://feeds.reuters.com/~r/reuters/INbusinessNews/~3/-e0sDxaJyNs/idINIndia-58842320110818
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