Societe Generale Calls for 2014 Decline in Indian Silver Demand

Mineweb said Thursday that France’s Societe Generale SA (EPA:GLE) believes India’s silver imports are likely to decline in 2014, reversing the strong demand displayed by the country in 2013.

As quoted in the market news:

However, there are some hurdles set in for silver this year. Analysts have added that Indian silver demand is expected to ease further this year, with the Indian government relaxing some of the restrictions on gold imports, as has been announced by the Finance Minister post a letter from the UPA chairperson Sonia Gandhi, asking for an easing of gold imports. This, analysts have said, would have consumers veer back to gold and thereby increase gold imports.

Globally too, there have been signs in February that the rebound in the price of silver has caused demand to drop back, especially from the notoriously price sensitive jewellery and silverware segments, analysts have pointed out.

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