Demand For Gold in India Dropped in 2014, Price Drops 1.3% Yesterday

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According to a World Gold Council report released last week, gold demand for 2014 stood at 842.7 metric tons compared to 974.8 mt in 2013.

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Demand for gold in India fell by 14% in 2014 led by a sharp contraction in investment demand, which fell in response to restrictions on gold imports, which were in place most of the year.

Total investment demand fell by 50% to 180.6 mt, even though demand for gold jewellery rose by 8% at 662.1 mt

In value terms, overall gold demand was lower by 23% in dollar terms, the report said.

On Wednesday, February 18, the day’s biggest mover was Indian silver, which saw a 2.8% decline to INR 37,470 ($603.19) per kilogram. At JPY 650.00 ($5.45) per 10 grams, Japanese silver fell 1.7% on Wednesday. US silver finished the day up 0.3% to $16.36 per ounce. The price of Chinese silver held steady at CNY 3,640 ($581.81) per kilogram.

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Japanese gold bullion ended the day at JPY 4,623 ($38.78) per gram, after the 1.3% drop on Wednesday. Indian gold bullion closed 0.9% lower at INR 26,447 ($425.74) per 10 grams. The price of US gold bullion declined 0.5% to $1,199 per ounce. The price of Chinese gold bullion remained essentially flat at CNY 247.91 ($39.63) per gram.

Japanese platinum bar finished the day down 2.0% to JPY 4,471 ($37.50) per gram. US platinum bar prices saw a 0.6% decline to $1,162 per ounce. Chinese platinum bar held its value on Wednesday at CNY 259.00 ($41.40) per gram.

The price of Japanese palladium bar increased 0.3% to JPY 3,100 ($26.00) per gram. US palladium bar closed 0.1% lower at $776.00 per ounce. At CNY 174.00 ($27.81) per gram, the price of Chinese palladium bar was essentially unchanged.

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