We are a gold obsessed country. According to a recent World Gold Council report, it was India’s gold demand that supported the global demand in the first quarter of 2017. While global jewellery demand rose just 1% year-on-year from 474.4 tonnes in the first quarter of 2016 to 480.9 tonnes in the same period of 2017, India’s jewellery demand was up 16% to 92.3 tonnes. Indian households have been buying gold in the form of jewellery. But in the first quarter of 2017, demand for coins and bars also grew 14% year-on-year from 27.5 tonnes to 31.2 tonnes. “This quarter, we have seen growth in both jewellery and investment instruments, but it was on a small base because in Q1 2016, we lost one month due to (jewellers’) strike, implementation of 1% excise duty and hold-back in purchases due to price rise,” said Somasundaram P.R., managing director (India), World Gold Council. If you plan to invest in gold, there are many options. Mint Money decodes the major gold products so that you can see what suits you best.
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