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Tuesday, November 13, 2007

India Gets Yellow (Gold) Fever

Interesting story ...

An unprecedented consumer spending boom across India is making the yellow metal glitter. Yes, the gold market is dazzling in the country and analysts have predicted that gold consumption will rise to a record 900 tonnes this year.

The strengthening of rupee against US dollar and rising consumer spending have raised India's gold demand by as much as 72 per cent in the first half of the year. A report from the World Gold Council says demand for gold in India reached an all-time high of 317 tonnes in the second quarter of 2007. The figures are nearly double of what was sold last year

Meanwhile, worldwide,
according to the data from the World Gold Council, gold production dropped 3.1% to a 10-year low of 2,471 metric tonnes in 2006.


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