Gold buying: Annual demand not expected to return to 850 tonnes till 2020

The past year had seen a 21% fall, to 676 tonnes, lowest in seven years

World Gold Council (WGC), the industry's market development body, expects India's annual demand to not cross 850 tonnes for another three years.

For this calendar year, it estimates 650-750 tonnes. The past year had seen a 21 per cent fall, to 676 tonnes, lowest in seven years.

"India's demand has fallen sharply in the past but then recovered. Previous attempts by the authorities to clamp on gold (holdings) have failed. Gold is too intimately ingrained in Indian society. On balance, while demand is likely to improve, our view for 2017 is cautious," says WGC on its projection for the year.

"Over time, we