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Indians Buy Gold Worth $267 Billion

Indians Buy Gold Worth $267 Billion

Gold Silver Reports → At a time when foreigners were investing in Indian equities, Indians were boosting their Gold purchases. The gold greedy Indians bought yellow metal worth $267 billion (Rs. 18 lakh crore at 68 rupees per US dollar) over the last 10 years.

 ♥ Kotak excluded the gold which is imported for re~export. “Over the last decade, India received net equity foreign institutional investors’ flows of $119 billion, while net foreign direct investment inflow totaled $185 billion. It is this money that has financed the purchase of gold in the country.”

♥ According to World Gold Council (WGC), China and India accounted for close to 45% of total global gold demand during 2015. Full year 2015 saw China (985t) and India (849t) continue their dominance in the global gold market. In India both the investment (60t) and jewellery (173t) sectors were up 6%, boosted by the festival season. → Neal Bhai Reports

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