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In recent years, two new patterns of demand have been evident in the gold market. In 2008 it was estimated that the major global gold demand from the Middle East and East Asia regions came together with the Indian subcontinent.
The number was 70% for India, followed by 55% from the USA, China, Turkey and Italy. It was speculated that this sudden surge in demand is attributed to gold in the current global economic condition.
Of the total demand for gold jewelry accounts for about two thirds of demand. It was estimated that in 2008, production of jewelry accounted for about 61 billion U.S. dollars. Research shows that the U.S., than the biggest gold market in the world, while India is the largest consumer. The reason for this type of consumption of gold in India is the importance of gold in the Indian culture and religion.
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