Precious and yellow metal in India is loved by the people. Especially Indian women like to buy gold jewelry for parties, functions. Demand for gold in India proves to be your best friend in the financial crisis. You can pledge your gold items for making instant money.
Have a glance at how the demand for this yellow metal has been increasing day by day over the last decade
In the year 2003
In 2003, the demand for gold in India was 528 tones. Its value was $6.2 per billion. The annual average rate of gold was $363.3 per ounce and Rs. 5,435 per 10 grams.
In the year 2004
In 2004, the demand for gold increased and reached up to 618 tones. Its value was $8.1 per billion. The annual average rate also increased and reached up to 5,995.6 per 10 grams.
In the year 2005
In 2005, the gold demand was 709.1 tones. The value of this metal had reached $10.1.per billion. The average cost of this precious yellow metal was $444.5 per ounce.
In the year 2006
In 2006, the demand for precious and yellow metal ‘gold’ was 712 tones. Gold attracted gold buyers as the dollar pared gains against the yen and euro. The average value of gold was Rs 8,795 per 10 gram.
In the year 2007
In 2007, the demand of consumers for gold in the Indian market was surged by 6 % to 771 tones. Gold was used as investment and demand increased to 214.5 tones that are 10 % more than that was in the year 2006.
In the year 2008
In 2008, the demand for yellow metal had reached up to 823.2 tones. Its value was Rs. 997.7 per billion. The annual average rate of gold was $872 per ounce.
In the year 2009
In 2009, the demand for this precious and loving yellow metal was 642.2 tones and the value of gold was reached up to $20 and $ 970.7 per billion. The price of gold was in the Indian market was Rs. 15,111.3 per 10 grams.
In the year 2010
In 2010, the demand for gold was 1006.3 tones. Because of Its high volatility in cost and demand, jewelry retailers had started tapping of gold in the domestic market itself through gold deposits and bonds. They also had mulled putting a stop to sell gold coins, bars to curtail gold investments.
In the year 2011
The demand for gold was still increasing at a rapid rate no matter its price increasing. In 2011, demand for this yellow metal was reached up to 986.3 tones and the price was Rs. 23, 625 per 10 gram.
In the year 2012
By the end of 2012, the gold demand was 864.2 tones that were less than as compared to 2011. In 2012, demand decreased by 19 % due to subdued consumption during the first two quarters.
In the year 2013
In 2013, gold has maintained its strong momentum for the third session at the domestic market. Retails expect that the demand will increase by up to 50 % spike in sales volume in the marriage season of this year.
In the year 2014
Gold demand in India declined 14 percent to 842.7 tonnes in 2014 as compared to the previous year, mainly due to government policies putting restrictions on imports, according to the World Gold Council (WGC).
In the year 2015
India gold demand remained flat at 849 tonnes in 2015: World Gold Council
In the year 2016
India’s gold demand falls 21% in 2016: World Gold Council report
In the year 2017
Gold demand slid to an eight-year low in 2017 – WGC
In the year 2018
The value of jewelry demand in 2018 was Rs 166,610 crore, up by 5 percent from 2017 (Rs 158,420 crore). “India’s full-year gold demand in 2018 was 760.4 tonnes, marginally lower by 1 percent from 771.2 tonnes in 2017
In the year 2019
India’s Gold Demand Dropped 9% In 2019: World Gold Council
In the current year demand for gold in India
Demand for gold in India is estimated to drop 30 percent in 2020 from 690 tons last year, according to the Indian Chamber of Commerce. Following the coronavirus outbreak, the gems and jewelry sector in the country has come to a complete standstill as jewelry & lifestyle stores are closed across the country.
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