India in the year 2010 reports emerged as the strongest market for gold commodity 2010 with MCX and NCDEX total demand rising by 66% to 963 tonnes.
Last year has been a great year for commodity gold globally, and especially for India and China. India came out as the strongest market with total demand rising by 66% at 963-tonnes showing strong economic growth. The outlook for this year is also great. India captured for about 25% of the global demand. Now the government is planning to increase import duty on gold in the upcoming budget which may marginally increase of commodity price of the commodity gold in MCX, NCDEX and Share market. The import duty on gold is now at Rs 300 per 10 gram.
The precious metal is currently having a commodity price of USD 1,421 an ounce (about 30 grams) and little over Rs 20,000 per ten gram.
The value of imports by India during 2010 worked out to about USD 38 billion.
The jewellery demand was remarkably more in the physical market showing a 17% rise from 1,760-tonnes in 2009 to 2,069 tonnes in 2010. While investment demand remained stable.
 |
| Commodity Hike |
The precious metal is currently having a commodity price of USD 1,421 an ounce (about 30 grams) and little over Rs 20,000 per ten gram.
The value of imports by India during 2010 worked out to about USD 38 billion.
The jewellery demand was remarkably more in the physical market showing a 17% rise from 1,760-tonnes in 2009 to 2,069 tonnes in 2010. While investment demand remained stable.
