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India's 2019 Gold consumption is probably to be around 750-850 tons

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MUMBAI (Scrap Register): India's Gold demand could bounce back in 2019, rising above the 10-year average, Gold consumption in 2019 is likely to be 750-850 tons versus 760.4 tons last year, said the managing director of World Gold Council (WGC).

Indian Gold demand has averaged 838 tons over the last 10 years.

A rise in consumption by the world's second-biggest Gold consumer would help global prices that are hovering near 8-month high, but could widen India's trade deficit and put pressure on the rupee.

While overall Gold consumption fell 1.4 percent last year, demand for coins and bars, known as investment demand, dropped 4 percent, the WGC said.

India's imports of Gold dore rose 10 percent in 2018 from the year before to a record 275.9 tons as the import tax on the semi-pure alloy made by miners is 0.65 percent lower than on refined Gold. The share of dore in India's total imports is set to rise further in the longer term.

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