Gold Demand Jumps 41% In Q4

Gold demand went up 41% to 262 tonnes during the October-December quarter as households flocked to buy their favourite precious metal, ignoring the spurt in prices.

The rise in demand poses a fresh policy challenge for the government, which is battling to control gold imports as part of its efforts to keep current account deficit under check. Current account deficit is the difference between the trade deficit, net remittances, foreign investment flows and overseas debt.

The finance ministry and RBI have identified gold imports as a key concern and the government has responded by increasing the import duty to 6% from around 1% a year ago. Besides, there is an effort to encourage households to shift from investing in the yellow metal to financial instruments. [Via]

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