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INDORE, India - May 17, 2013 - PRLog -- India’s gold demand is expected to be around 965 tons in the 2013 calendar year, up from 864 tonnes last year, thanks to favorable prices, the World Gold Council (WGC) said on Thursday.

In the first quarter of 2013, though, imports declined 5.7 per cent, as traders relied mostly in stocks to meet rising demand.

In the January-March quarter, gold demand rose 27 per cent in volume terms to 256.5 tonnes, compared with the corresponding period last year. In value terms, demand jumped 32 per cent to Rs 72,899 crore.

“We believe demand will be robust in the second quarter as well, as the drop in price of gold has only increased the appetite. Also, in the April-June quarter last year, there was a strike by jewellers,” Somasundaram P R, managing director-India, WGC, told reporters.

The total investment demand for gold  in the March quarter rose 52 per cent in volume terms, while jewellery demand rose 15 per cent during the same period, he said. Though WGC did not give any price outlook, the trend showed a good monsoon would tend to shift a large part of rural incomes towards gold, Somasundaram said. “Also, in 2013, there are 20 per cent more auspicious days for marriage, compared to 2012, which makes us believe that retail demand will be robost in 2013.”  

Globally, the data showed total gold demand was down 13 per cent year-on-year in the March quarter to 963 tones, mainly due to a heavy outflow from gold exchange-traded funds (ETFs).

ETFs saw a net outflow of 177 tones in the quarter. By contrast, there were strong inflows into other forms of investment. Bar and coin demand was 378 tones, up 10 per cent, the WGC data showed.

Total demand in China stood at 294 tones in the first quarter, a rise of 20 per cent. Jewellery demand in the quarter was a record 185 tones, up 19 per cent, while bar and coin investment stood at 110 tones, which was up 22 per cent from the corresponding period last year.

MARKET WRAP

·         Copper declines over rise in U.S. jobless claims.

·         Gold fluctuates, witnessing mild buying at lowest level in a month.

·         Crude Oil extends losses on rising concerns of weakening growth.

·         Silver remains negative as supplies increase and investor demand ebbs.

·         Copper

Copper heads for first weekly drop in four on the back of rise in U.S. jobless claims, raising concerns of weakening demand from the second biggest user of the commodity in the world. It fell as much as 0.60% on Thursday on the London Metal exchange. Gold swung between gains and losses on Comex as traders bought the commodity at attractive prices after it fell to one-month low amid further reductions in exchange-traded products and the dollar’s strength. Crude Oil futures extend losses heading for the first weekly decline in a month over concerns of weaker economic growth resulting in drop in demand. WTI for June delivery was at $95.12 a barrel, down 4 cents, in electronic trading on the NYMEX.

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