India’s investment demand in gold rose in 2010

Investment demand in gold spearheaded India’s gold imports in 2010 which reports say could total to around 800 tonnes ( final figures not released as yet), as compared to 557 tonnes in 2009. Although the World Gold Council has not divulges final figures on the same, reports say that the quantum of gold imports by India last year could have been the highest so for the country. Although there are various figures being quotes about the quantum of imports : The Bombay Bullion Association suggested it could have been around 700 tonnes.

In the year ending period of September 30, 2010, according to WGC, gold investment demand rose in India by 73 percent.

Also, gold for immediate delivery increased recovered 30 percent in 2010 to reach 1,431.25 (Rs64,835) an ounce in December. Market reports predict a good purchasing levels despite the ongoing volatility of gold prices. Reports say that the February-delivery futures on the Multi Commodity Exchange of India Ltd stood at Rs20,455 ($454) per 10 grams in Mumbai, showing minute changes.