India's gold demand up 13% at 975 tonnes in 2013: Report

February 18, 2014

Indias_gold_demand
Mumbai, Feb 18: India's gold demand remained buoyant in 2013 and rose by 13 per cent to 975 tonnes compared to 2012, despite government putting in several restrictions to curb imports, according to a World Gold Council report.

Gold demand in the country was 864 tonnes during 2012, according to data given in WGC 'Gold Demand Trends 2013' report.

"India's gold demand was up 13 per cent in 2013, compared to 2012. Demand in the second half was lower due to the effect of the supply curbs introduced in that period, but, equally, it was due to households having met a large part of their annual gold requirements in the first half, using the price drop in April as a buying opportunity," WGC Managing Director India Somasundaram P R said.

The total jewellery demand in the country in 2013 was up by 11 per cent at 612.7 tonne valued at Rs 1,61,750.6 crore compared to 552 tonne valued at Rs 1,58,359.1 crore in 2012.

The total investment demand for 2013, was up by 16 per cent at 362.1 tonnes from 312.2 tonnes in 2012.

In value terms, gold investment demand rose by six per cent at Rs 95,460.8 crore against Rs 90,184.6 crore in 2012.

Recycled gold, however, declined by 10.79 per cent to 100.8 tonnes in 2013, compared to 113 tonnes in 2012.

The latter half of 2013, Somasundaram said, has seen intense grey market activity but its impact will be more visible and significant this year if the import curbs continue.

Estimates of the extent of gold smuggling in India vary widely, market analysts have suggested it could have added between 20-30 tonnes per month, the report pointed out.

"However, our estimation, based on our own analysis of the market, is that these unofficial flows may be considerably higher. We have previously been on record with our estimate of between 150-200 for 2013, and we feel that the total for 2013, was closer to the top-end of this range," he said.

Talking about 2014, Somasundaram said the industry is not in a very happy situation but the year will be a come back for the precious metal.

"In India, even as the current scenario is not very good, I am positive about gold. I am confident that gold will play a significant role in the country's economy. In 2014, market estimation of gold demand is between 900-1,000 tonnes," he added.

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News Network
November 14,2024

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Bengaluru: The Prime Minister Narendra Modi led union government has requested the Karnataka High Court to direct the Mandya district administration and the state government to clear a madrasa operating within the premises of the historic Jama Masjid in Srirangapatna.

The Waqf Board, opposing this move, has claimed the mosque as its property and defended the right to conduct madrasa activities there.

The matter was brought before a division bench headed by Chief Justice N V Anjaria following a public interest litigation filed by a person named Abhishek Gowda from Kabbalu village in Kanakapura taluk. The petition alleged “unauthorised madrasa activities” within the mosque.

Representing the Central government, Additional Solicitor General of India for High Court of Karnataka, K Arvind Kamath argued that the Jama Masjid was designated as a protected monument in 1951, yet unauthorised madrasa operations continue there.

He noted that concerns over potential law and order issues have so far prevented any intervention. Kamath urged the court to direct the Mandya district administration to take action and vacate the madrasa from the mosque.

In defence, lawyers for the state government and the Waqf Board contested this request, stating that the Waqf Board had been recognised as the owner of the property since 1963 and, thus, conducting madrasa activities there is lawful.

After hearing both sides, the bench adjourned the case for further arguments, scheduling the next hearing for November 20.

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News Network
November 11,2024

Udupi, Nov 11: A traveller reportedly lost ₹4.1 lakh after attempting to book a cab online in Udupi. 

At around 1:30 PM on November 7, the man from West Bengal searched for car rentals on Google and selected a website named "Shakti Car Rentals." Shortly after, he was contacted by someone claiming to be "Rohit Sharma," who directed him to pay a registration fee of ₹150 on the site.

After unsuccessful payment attempts via both his Canara Bank debit card and SBI credit card (without receiving an OTP), "Rohit Sharma" instructed him to pay the driver directly. But at 1:47 PM, he received messages showing deductions of ₹3.3 lakh from his SBI credit card and ₹80,056 from his Canara Bank debit card, totaling ₹4.1 lakh.

The complainant alleges fraud through a deceptive link disguised as a booking token fee. A case has been registered at Udupi Town Police Station.

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November 7,2024

Udupi, Nov 7: In a tragic turn of events, a young woman, Prasanna, aged 29, allegedly died by suicide on Wednesday, struggling to cope with the demands of work and motherhood after the birth of her daughter, according to police reports.

Prasanna had married on December 2, 2022, and was the mother of a 10-month-old baby girl. Her husband works in Bengaluru, while she lived with her in-laws, who, according to her family, treated her kindly.

In a complaint, Prasanna's mother revealed that her daughter often called her, expressing deep concerns over her readiness for motherhood. Despite receiving supportive care from her family, Prasanna felt unprepared and overwhelmed by the balance of work and home life that early motherhood required.

Her family shared that she had been undergoing treatment, but between 10 a.m. and 1:45 p.m. on Wednesday, she allegedly took her own life at her husband’s residence. The Karkala Rural Police Station has registered a case and is conducting further investigations.

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