HomeNews News Note ban reduces India's gold demand to 7-year low in 2016 Note ban reduces India's gold demand to 7-year low in 2016

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Note ban reduces India's gold demand to 7-year low in 2016

Note ban reduces India's gold demand to 7-year low in 2016

Friday, February 3, 2017, 4:48 PM

India’s gold demand fell to a seven-year low in calendar 2016, due to a sharp decline in smuggling, following the demonetization of high-value currency notes in November. According to the data collected by the World Gold Council (WGC), India’s gold demand reduced to 675.5 tonnes in calendar year 2016 compared to 857.2 tonnes in the previous year.
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