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India's gold demand over the past 10 yrs
Of late, gold has become a pain for policymakers in India. Finance minister P Chidambaram blames gold imports for the widening current account deficit.
Their fears are compounded as the yellow metal’s price had come under pressure after the dollar strengthened recently. The demand for gold surges in India every time there is a price correction.
Are the policymakers and regulators justified in making gold the scapegoat for India’s economic problems?
Though there’s no clear answer to that, one thing is certain, India’s love affair with gold just grows stronger year-on-year.
We look at the rising demand for gold in India and how it has increased in the last decade.
Source: World Gold Coucil
Year: 2003
India Gold Demand (in tonnes): 528
Value ($/billion): 6.2
Value (Rs/billion): 287
Gold price ($/oz, Annual Avg): 363.3
Gold price (Rs/10g, Annual Avg): 5,435.1
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India's gold demand over the past 10 yrs
Year: 2004
India Gold Demand (in tonnes): 617.7
Value ($/billion): 8.1
Value (Rs/billion): 367.9
Gold price ($/oz, Annual Avg): 409.2
Gold price (Rs/10g, Annual Avg): 5,955.6
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India's gold demand over the past 10 yrs
Year: 2005
India Gold Demand (in tonnes): 709.1
Value ($/billion): 10.1
Value (Rs/billion): 446.8
Gold price ($/oz, Annual Avg): 444.5
Gold price (Rs/10g, Annual Avg): 6,301.3
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India's gold demand over the past 10 yrs
Year: 2006
India Gold Demand (in tonnes): 712
Value ($/billion): 13.8
Value (Rs/billion): 626.2
Gold price ($/oz, Annual Avg): 603.8
Gold price (Rs/10g, Annual Avg): 8,796
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India's gold demand over the past 10 yrs
Year: 2007
India Gold Demand (in tonnes): 771.1
Value ($/billion): 17.3
Value (Rs/billion): 711.2
Gold price ($/oz, Annual Avg): 695.4
Gold price (Rs/10g, Annual Avg): 9,223.7
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India's gold demand over the past 10 yrs
Year: 2008
India Gold Demand (in tonnes): 823.2
Value ($/billion): 23.1
Value (Rs/billion): 999.7
Gold price ($/oz, Annual Avg): 872
Gold price (Rs/10g, Annual Avg): 12,142.6
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India's gold demand over the past 10 yrs
Year: 2009
India Gold Demand (in tonnes): 642.4
Value ($/billion): 20
Value (Rs/billion): 970.7
Gold price ($/oz, Annual Avg): 972.4
Gold price (Rs/10g, Annual Avg): 15,111.3
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India's gold demand over the past 10 yrs
Year: 2010
India Gold Demand (in tonnes): 1,006.3
Value ($/billion): 39.6
Value (Rs/billion): 1,811
Gold price ($/oz, Annual Avg): 1,224.5
Gold price (Rs/10g, Annual Avg): 17,997.3
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India's gold demand over the past 10 yrs
Year: 2011
India Gold Demand (in tonnes): 986.3
Value ($/billion): 49.8
Value (Rs/billion): 2,330.1
Gold price ($/oz, Annual Avg): 1,571.5
Gold price (Rs/10g, Annual Avg): 23,624.1
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India's gold demand over the past 10 yrs
Year: 2012
India Gold Demand (in tonnes): 864.2
Value ($/billion): 46.4
Value (Rs/billion): 2,475.02
Gold price ($/oz, Annual Avg): 1,669
Gold price (Rs/10g, Annual Avg): 28,639.4