Indian jewelry buyers and investors account for a sizable chunk of annual gold demand and last year Indian gold buyers made India the 2nd largest gold consuming nation, 2nd only to China:
From Sudheesh Nambiath, Adam Turchioe, and Libin Zhou at Thomson Reuters:
“Nearly one-third of Indian gold demand comes from farmers, making them the world’s largest consumer.
However, how much gold they can accumulate in a given period is largely determined by fluctuations in their income, which relies heavily on the monsoon.”
Click over to read the rest of the article which offers an optimistic outlook for Indian gold demand later this year: Global Indian gold demand to be boosted by strong monsoon