Economy

Gold demand seen falling to lowest in 8 years in 2017: World Gold Council

Strict regulations and changing tax regime in India has led to a decline in overall demand for gold globally.

India’s gold consumption is likely to further drop to its lowest in eight years in 2017, hit by government moves to make bullion trading more transparent, and by faltering demand from some rural areas, the World Gold Council (WGC) said on Thursday.

According to World Gold Council, global gold demand during the third quarter of 2017 slipped by 9% to 915 tonnes compared to the same period last year, an eight-year low, and fell by 12% year to date in 2017.

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