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Gold demand fell by 21% in 2016 due to factors like demonetisation

Gold demand fell by 21% in 2016 due to factors like demonetisation

Mumbai: Gold demand in India witnessed a significant decline of 21 per cent in 2016 at 675.5 tonne, mainly due to challenges like jewellers strike, PAN card requirement and demonetisation move, says World Gold Council.

The gold demand for 2015 stood at 857.2 tonne, the WGC data revealed. Jewellery demand in the country also witnessed a sharp decline of 22.4 per cent in 2016, at 514 tonne compared to 662.3 tonnes in 2015.