World Gold Council, WGC, has said that global fall in gold prices has boosted its demand in India, the world's second largest consumer. According to WGC, gold prices have fallen by 3.2 per cent in India, 3.6 per cent in China and 1.2 per cent in Turkey. It however said that fall in the gold prices are not universally perceived as negative. Consumers are viewing the lower prices as a buying opportunity.Meanwhile, snapping three-day losses, gold yesterday staged a resounding comeback to rise by Rs 215 and reclaimed the 25,000-mark at the bullion market. The reversal was fuelled by a mild rebound in overseas markets where gold snapped a 10-day losing streak despite softer tone in the US dollar. Standard gold (99.5 purity) jumped by Rs 215 to conclude at Rs 25,035 per 10 gram against Wednesday's closing level of Rs 24,820. Pure gold (99.9 purity) also rallied by a similar margin to finish at Rs 25,185 per 10 grams from Rs 24,970.The yellow metal witnessed a near-term rout across the global commodity markets following recent developments in Greece and Iranian Nuclear negotiations. On Monday, gold prices in the global market had fallen to a five-year low at USD 1,086.18 an ounce amid growing expectations that the US Fed may raise interest rates later this year.
News On AIR | July 24, 2015 8:01 AM
Falling gold prices boost demand in India: WGC