India's gold demand expected to rebound from 3 year low: World Gold Council

As Indian gold prices jumped 25% in 2019, hitting a record high, consumption fell 9% from the previous year to 690.4 tonnes, the lowest since 2016, the WGC said

India's gold demand is expected to rebound in 2020 as the government seeks to bolster consumer confidence and spending power to revive Asia's third-biggest economy, the World Gold Council (WGC) said on Thursday.

A rise in consumption by the world's second-biggest gold buyer would further boost global prices, which scaled a near seven-year high earlier this month, but could widen India's trade deficit and pressure the rupee.

Gold consumption in 2020 will likely be 700-800 tonnes, compared with 690.4 tonnes last year, said Somasundaram PR, the managing director of WGC's Indian operations.

But government measures aimed at bringing transparency in