Towards the end of 2011 India’s gold and silver imports fell. Upon conclusion of the festival season – which started back in October with the Diwali festival of light, followed by the wedding season – local dealers reported that demand for precious metals had decreased more than expected, owing to weakness in the rupee.
Nevertheless, over the whole of 2011 Indian demand for gold jewellery increased by 5 to 7 % in comparison with 2010. Indian dealers remain optimistic for 2012, with locals expecting Indian gold jewellery sales to increase another 10 to 15% this year. This is good news for precious metals bulls, as India is the second largest gold and silver market (in terms of countries) in the world. Read more on www.goldsilverwebsites.com
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