Gold Business

  India's scrap gold supplies seen at a record high on price rally, coronavirus: WGC C ash  y our  J ewellery   According to the World Gold Council , if prices keep rising and inflation reduces disposable incomes, India, the second-largest consumer of gold, might see a greater decline in demand. Sales slumped 18% from a year earlier and imports plummeted by more than half in the January-to-March period as prices surged and a fresh outbreak of coronavirus kept people away from stores, the London-based promotion group said. Fewer auspicious days for weddings, a key source of demand, and the decision by many households to delay purchases in anticipation of a price correction also added to the decline, it said. MUMBAI (Reuters) - Scrap gold supplies in India are likely to hit an all-time high in 2020 as consumers sell jewellery to reap record high prices and cope with the financial crunch from the coronavirus lockdown, the World Gold Council (WGC) said on Thursday. FILE ...

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