Tuesday, 25th September 2007 (2071 views)

India plans to shift its focus towards exploring its national gold markets, according to Metal Markets.

The publication reported that the India's union minister of state for mines has put forward plans to stop the country's importation of gold within the next ten years.

Metal Markets said that India currently holds nine per cent of the world's gold reserves and that tighter restrictions on gold imports would allow the country to develop its gold mining industry, which could be a profitable market given the popularity of gold in India in the past year.

According to the Independent, the country's demand for gold in the second quarter of 2007 equalled around half of the world's mining output.

The newspaper reported that at 317 tonnes, the overall demand of gold in India as jewellery and as an investment has almost doubled within the past year.

With wedding season – traditionally October through January, according to the Independent – approaching, analysts predict that the demand for gold in India will continue to remain strong though the remainder of 2007.

 

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