WGC predicts rise in gold demand in India in 2018

New Delhi: Economic reforms are expected to drive up gold demand in the country in 2018, feels Alistair Hewitt, Director for Market Intelligence with the World Gold Council (WGC).

In an interview to business news channel BTVI, Hewitt said economic reform policies will lead to a "rise in incomes, people will ultimately be better off as a result... The economic analysis we have done shows that rising wealth in India correlates with rise in demand".

"Over the longer term as these policies affect the rate of economic growth, we feel there will be a positive impact on Indian gold demand," he said.

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Talking about global demand for gold from the industrial sector, he said 2017 was turnaround year in terms of the industrial sector after witnessing a downward trend during 2010-2016.

"When we speak to people in the industry, they are quite optimistic. The use of gold in industrial products is on the increase," Hewitt said.

Currently, gold as a metal is used in smart phones, electric vehicles and many other emerging technologies, and is expected to ultimately play a role in solar panels in the years to come.