India consumed 66 percent more gold in 2010

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New Delhi: World Gold Council’s Indian chapter on February 18 reported that the country consumed 66 percent more of gold in 2010 as compared to the previous year — a total of 963.1 tonnes valued at Rs. 1,733.3 billion (about $38.4 billion).

WGC said the growth was primarily driven by increase in gold jewelry consumption and investment in gold bars and coins in the country, which has seen an exorbitant increase in gold prices last year.

Ajay Mitra, WSG’s managing director for Middle East and India, said: “The year 2010 saw one of the highest growths in gold consumption in the country till date.”

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