Demand for Gold Declines in India
Demand for gold declines in India by 23% y-o-y basis, India is the largest importer for gold of world. This was in variance with the global market, which up by 6%. Demand fall in India because of higher price and high Inflation. “High price of food, fuel, interest rates for home loan these entire things squeezed customer’s investible income.
Demand for gold went down in second quarter, Gold exchange traded funds comes with a sharp rise. Gold ETF’s and other products witnessed inflows of 58% percent increase. Corporate demand in ETF gold also increased.
High prices due to fall of rupee against dollar hurts demand of gold in Indian market. Prices of gold in India hike by above 18 percent against the only hike of 8.24% in global market.
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