A study commissioned by the World Gold Council, which met in Bangalore recently, has estimated that the demand for gold in India at 963.1 tonnes in 2010. Announcing the results of the study, Marcus Grubb, Managing Director-investment, WGC, said Indian demand for the yellow metal increased 25 per cent in the last decade, despite a 400 per cent increase in the value of the rupee. Indian purchases of gold accounted for 32 per cent of global demand, the study observed. The study was conducted by the Centre for Monitoring Indian Economy (CMIE). Pointing out that Indian households stock 18,000 tonnes of gold, the highest in the world, Mr. Grubb said, “Indian demand will be driven by the gold's value.”
