Gold demand nudges up in June quarter: WGC

Gold demand nudges up in June quarter: WGC

Mumbai: India’s gold demand in the June quarter crawled up 0.2% to 164.5 tonnes, thanks to stronger investment demand, data from the World Gold Council (WGC) showed on Wednesday.

“With the Indian marriage season coming up as well as important festivals ... we anticipate gold demand will remain robust throughout 2010," said Ajay Mitra, managing director India and Middle East, WGC, told Reuters.

Jewellery demand fell to 1.8% in the June quarter to 123 tonnes from 125.3 tonnes a year earlier, while investment demand climbed 6.7% to 41.5 tonnes from 38.9 tonnes, the WGC data showed.

The Akshaya Trithiya festival, considered auspicious for buying gold, in the first week of May helped jewellery demand, but higher prices pared demand in June, WGC said in a statement.