Gold sales in India, still the world's biggest bullion consumer, have dropped 40%. Jewellers told the Times of India that consumers are not buying gold for a variety of reasons: rumours that the price is headed lower, a business recession and import restrictions.
Fatehchand Ranka, president of the Pune Saraf Association, told TOI that sales of the yellow metal had plunged during the past couple of months due to instability in the market and rumours that gold prices may dip to Rs 20,000 per 10 g. "People are waiting for the prices to come down. Though this is the lean season for gold sales, the demand has been unusually low ? around 30-40% lower than in the same period last year. Also, most businesses are in recession, due to which the sales have been lower than usual," he said.
Read more.
Image by Jeff Schultes / Shutterstock.com
Source: http://www.mining.com/indian-jewellers-say-gold-sales-have-collapsed-87507/
nascar Rolling Stone magazine Chris Davis Twinkies Agnieszka Radwanska Talia metta world peace
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.