12/08/98 - INDIA'S GOLD DEMAND TO SURGE EIGHT PER CENT IN 1998
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Dec 09, 1998 (Asia Pulse via COMTEX) -- NEW DELHI, Dec 9 Asia Pulse- India"s gold demand offtake is expected to rise by eight per cent this year to a record 800 tonnes, the World Gold Council (WGC) has said.
"Despite an eight per cent fall in demand during the third quarter of this year, India"s total consumption will be around 800 tonnes," WGC manager (north) G S Pillai said.
The record consumption is against 737 tonnes consumed in India, world"s largest gold consumer, last year.
India"s gold consumption declined to 121.9 tonnes during the third quarter this year compared to 132.6 tonnes during the corresponding period in 1997.
The fall was against a record 200.5 tonnes consumption by the country during the first quarter. Offtake during the second half had also remained at a high 156.9 tonnes.
Compared to the total consumption during the first three quarter last year, offtake during the first three quarters was higher by 19 per cent at 479.4 tonnes.
In its report for the third quarter, WGC, an international body funded by leading gold mining firms across the globe, said economic problems appeared to have dampened consumer demand during the quarter.
Pillai said the marginal uptrend was likely to continue through the next year.
(PTI)
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