India's gold demand at 13-year low

GFMS estimated India's gold demand at 580 tonnes in 2016, a decline of 34% from the previous year

India’s gold demand has slumped to its lowest in 13 years due to various measures announced by the government to discourage purchases.

GFMS, a precious metals consultancy, estimated India’s gold demand at 580 tonnes in 2016, a decline of 34 per cent from the previous year. This level of demand has not been seen in India since 2003.

“The year 2016 will be remembered for pushing through radical changes in policies which potentially could change the dynamics of the Indian gold and jewellery industry,” the survey said.

The World Gold Council (WGC), however, maintains gold demand in India in 2016