India's Gold imports may rebound from a three-year low - All India Gem & Jewellery Domestic Council.
Gold imports by India, the world's second-biggest consumer, may rebound in 2020 from a three-year low as the yellow metal is the only investment for the middle and lower-middle class and will have to buy, whatever the prices, according to N. Anantha Padmanaban, chairman of the All India Gem & Jewellery Domestic Council.
Key quotes (Source: Bloomberg)
Inbound shipments may climb to 750 tons from an estimated 690 tons last year.
With the Indian economy expected to grow at the slowest pace in more than a decade, the jewelry industry may spend about 3 billion rupees ($42 million) on promotions this year to boost flagging sales, including a shopping festival on the lines of the Dubai Shopping Festival.
Everybody is hoping for a good budget, not only for the industry but overall for the economy. Because that will improve the sentiment and business across the board for all other industries, and once that happens more money will come in our industry.
Gold prices rose by 25% in 2019, the biggest yearly gain since 2011 and tagged a six-year high of $1,611 earlier this month. At press time, the yellow metal is trading at $1,560 per Oz.
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Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
