Soaring gold prices put Indian buyers off ahead of Diwali

INDIA UPDATE

Bloomberg/Swansy Afonso

Map of India, gold color“India’s festival of lights is bringing little cheer to jewelers in the world’s second-biggest gold consumer.”

USAGOLD note:  We see these stories from time to time talking about dwindling demand in India based on anecdotal evidence.  When the hard numbers come out they tell a different story.  Demand for gold remains strong in India mostly because the currency is losing its purchasing power while the gold price continues to rise in rupee terms.


Repost from 10-10-2019

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