India's demand for gold will be between 800-850 tonne in 2022, said a top official of World Gold Council-India.
He also said 80 per cent of the demand will be for jewellery and the balance in the form of gold coins.
The gold demand in India for 2022 will be above 800 tonne. It will be between 800 tonne to 850 tonne. The 5 per cent duty hike on the gold by the Central government will not have any major impact on the demand for the yellow metal, said Somasundaram P.R., Regional CEO India, World Gold Council.
In 2021, the demand for gold in India was about 797 tonne.
He also said the Indian government is watching the rupee: dollar exchange. The government may act against imports if the rupee continues to depreciate against the dollar.
On the impact of the India International Bullion Exchange (IIBE) Somasundaram said it is important for India. With a robust regulatory framework, the exchange is an important component.
As the second largest consumer of gold in the world, the bullion exchange will position India in the global market and also give a voice.
"If the Indian gold refiners can align with the global standards then Indian gold bars can also be traded on the exchange," Somasundaram added.
The IIBE will be inaugurated by Prime Minister Narendra Modi on July 29 in Gujarat
--IANS
vj/ksk/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app