India's gold demand soars 94%

India's total demand for gold rose by 94 per cent to 365-tonnes in H1 2010 as compared to 188.4-tonnes in H1 2009, the World Gold Council said in a statement here.

"Demand for gold in India rose by 94 per cent to 365- tonnes in H1 2010 as compared to 188.4-tonnes in H1 2009 clearly indicating that there has been a rebound in demand as compared to the previous year," WGC said.

Total gold jewellery demand in India remained robust in H1 2010. The volume of growth increased 67 per cent to 272.5-tonnes as compared to 163-tonnes in H1 2009.

In Rupee value terms, demand increased to Rs 45,700- crore (Rs 457 billion) an increase of 94 per cent.

The volume of gold in investments was very strong and grew by 264 per cent to 92.5-tonnes in H1 2010 as compared to 25.4-tonnes in the corresponding period. In terms of value, investments accounted for Rs 14,800 -crore (Rs 148 billion) in H1 2010 as compared to Rs 3,700-crore (Rs 37 billion) in H1 2009, an increase of 300 per cent.

2010 has been a year which has provided a clear indication of the diversity of gold.

As the year has progressed, the Indian gold market has grown significantly. This has therefore ensured in gold retaining its intrinsic appeal, the release said.

In value terms, India's gold demand grew from Rs 27,300-crore (Rs 273 billion) to Rs 60,500-crore (Rs 605 billion), up 122 per cent.