In India, gold consumption continues to rise. With a holy day further driving demand, their thirst for the yellow metal does not appear to be slowing down any time soon.
The Chinese stock market situation might have caused gold to lose some steam recently, but not all parts of the world are following suit. China and India have long competed for the spot of the world's top consumer, with China usually coming out ahead.
But now, with many Chinese investors being locked in the stock market, Business-Standard.com reports that India finally edged out China for the top spot after 6 months of relative equality.
Retail investment in India remained steady year-on-year at 50 tons. However, the biggest drive for gold demand proved to be the Akshaya Tritiya, a holy day in the country – gold purchases notably surge ahead of most Indian holidays. Overall, gold demand in India rose 2.5 percent year-on-year, bringing India's share in the global gold demand to 24.21 percent.
Indians are also stockpiling gold for this very important reason. Find out here.
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