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India gold sales plunge Apr.-Aug. 2014

The recent study conducted by the All India Gem and Jewellery Trade Federation (GJF) indicates that gold bullion and coin sales in the country dropped sharply during the initial five-month period current fiscal. The period from April to August reported 70% drop in bullion and coin sales, GJF noted.
 
The study report states that the demand for gold coins and bars plummeted during this period. Investors’ interest in the yellow metal has dropped significantly. The figures published by the World Gold Council too indicate that investment demand for gold has declined by 67% during the second quarter of 2014 when compared with the previous year.
 
According to GJF, the surge in stock markets has led to exodus of investor interest away from gold. The stock market investments are expected to gain further grounds as economy start showing signs of improvement. Consequently, gold investments are expected to weaken further.
 

The gold sentiment still remains weak in India, notes Haresh Soni, Chairman, GJF. The global gold prices too are expected to remain subdued as long as a war situation is kept at bay. In India, domestic investors are seen waiting for cut in gold import duty. Traders expect the gold investment demand in the country to fall by 70% during the third quarter through September.

Source:Scrap Monster

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