India's gold demand bucks global trend, up 27% in value terms in Sept quarter

Global demand for gold fell in the July-September quarter but India was able to buck the trend.

According to a World Gold Council report, nearly 1,085 metric tonnes of gold was sold worldwide during the three months, down 139 metric tons, or 11 per cent, from a record 1,223.5 tons in the same period of 2011.

But in India the gold demand rebounded by 8 per cent during the September quarter to 223.1 tonnes as buying picked up after jewellers ended their strike. Buying for the marriage season also helped the demand to hold up.

In value terms, the gold demand in India grew by 27 per cent to Rs 65,373 crore in the September quarter as compared to the same period of the previous quarter.

Global demand for gold was weighed down by an 8 per cent slide in sales in China to 176.8 tonnes as the country's economic slowdown hurt consumer sentiment.