Nearly two-thirds of India's gold demand comes from rural areas where jewellery is a traditional store of wealth for millions who have no access to the formal banking system.
"Demand is extremely slow. Customers are focusing on equity markets and aren't really interested in gold for the time being," said Dick Poon, general manager at Heraeus Precious Metals in Hong Kon...
Support from banks would be crucial for the success of the monetisation plan. Deposit schemes, similar to the one proposed on Tuesday by the government, have previously failed as the incentives offere...
Spot gold was steady at $1,219.50 an ounce by 07:49 am, after rising 0.5 per centon Thursday. Prices had climbed to $1,227.04 in the previous session, their highest since Feb. 17.
Bullion has been boosted in recent days after a string of data, including US consumer confidence data released on Tuesday, hinted at slowing momentum in the US economy.
The softness in demand comes ahead of April's Akshaya Tritaya festival, when it is considered auspicious to buy gold.
Gold price was headed for its biggest weekly jump since January, after the US Federal Reserve cautioned over its rate hike path and US economic growth.
The dollar drifted to its highest in more than 11 years against a basket of major currencies early on Monday.
Banks would again be allowed to import gold on a "consignment basis", under which they act as intermediaries and don't pay for the stock until a buyer has been found, which is usually quickly.
The World Gold Council forecast demand for gold in both India and China to rise to 900-1,000 tonnes in 2015, but said India was likely to retain its edge.
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