"But the outlook is better - we expect Indian demand to be between 650-750t in 2017," the WGC said.
The WGC said that a barrage of policy initiatives, aimed at purging India of black money and instilling greater transparency, have rocked the country's economy, including its gold market. The most dramatic was the radical decision to demonetise 15 trillion rupees, equivalent to $US220 billion.
"Other policies - such as the re-introduction of excise duty - also affected the gold market. And the forthcoming goods and service tax will change the shape of the industry.
"It's clear that India's gold market faces short-term headwinds. But looking ahead, these policies promise to deliver a stronger and more transparent economy. This will support gold demand, which we expect to be between 650-750t in 2017," the WGC.
Cocoa decreased $14 per tonne or 0.72% to $1931 yesterday from $1945/t in the previous trading session, tradingeconomics.com reported. Historically, cocoa reached an all-time high of $4361.58/t in July, 1977, and a record low of $211/t in July, 1965.
Coffee increased 1c per pound or 0.71% to 141.05c/lb yesterday from 140.05c/lb in the previous trading session, tradingeconomics.com reported. Historically, coffee reached an all-time high of 339.86c/lb in April, 1977, and a record low of 42.50c/lb in October of 2001.