Gold imports this year by India, the largest consumer, have already exceeded 2009 levels as consumers boost jewelry purchases, according to the World Gold Council.
Imports totaled 624 metric tons by the end of the third quarter, compared with 559 tons in all of 2009, according to data released in a report by the London-based industry group today. India bought 214 tons in the third quarter, up from 176 tons a year earlier, it said.
Jewelry demand in India surged 36 percent in the third quarter even as gold prices gained, the council said. Bullion futures in New York reached a record $1,424.30 on Nov. 9 and are up 22 percent this year.
“Given the dual purpose of Indian jewelry, as both an adornment and an investment, the rising price helped to support demand for jewelry,” the council said in the report. “Furthermore, consumers have adjusted their price expectations and are anticipating yet higher prices.”
Consumers in India purchased 184.5 tons of gold in the third-quarter for jewelry, up from 135.2 tons a year ago, the report said. Total gold demand in India rose 28 percent in the period, it said.
To contact the reporter on this story: Madelene Pearson in Mumbai on mpearson1@bloomberg.net
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