The renewed interest in gold is not just in India, as 20 percent of the wealthy individuals globally are planning to increase their investment in the yellow metal, compared to 11 percent in 2018.
Ultra-high net worth individuals (UHNWIs) in India are looking at gold as a viable investment option in 2019, reports suggest.
According to a survey conducted by independent global consultancy company Knight Frank, 14 percent Indian UHNWIs are likely to hike their investment in the gold asset class, which is three percent higher than it was in 2018.The renewed interest in gold is not just in India, as 20 percent of the wealthy individuals globally are planning to increase their investment in the yellow metal, compared to 11 percent in 2018.
|% who chose each option||Africa||Asia||Australasia||Europe||Latin America||Middle East||North America||Russia/CIS||Global average||India average|
|%||Africa||Asia||Australasia||Europe||Latin America||Middle East||North America||Russia/CIS||Global average||India average|
“In countries with a cultural affinity towards gold, we are seeing a renewal of interest. While India is one of the largest consumers of gold, it has usually been in the form of ornaments for retail purpose. However, we have seen investors purchase gold and bonds and expect the trend to grow further," said Shishir Baijal, Chairman and Managing Director at Knight Frank India.
The agency expects investment by Indians to boost spending on Gold particularly during the forthcoming Hindu festival, Akshaya Tritiya, on May 7.
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