on the precious metal in July, which pushed domestic prices to an all-time high of 38,666 rupees per 10 grams last week. Gold futures in Mumbai have gained about 17% since June on local factors and in tandem with overseas spot gold, which has rallied to a six-year high as the U.S.-China trade war plays out.
The higher prices coincide with a slowdown in the Indian economy. Latest high-frequency indicators fromto exports show demand at home and abroad is waning. A lingering crisis among shadow banks has curbed borrowings by consumers and companies, and an uncertain monsoon is casting a shadow on rural consumption and wages. Imports, which comprise almost all the gold that India consumes, slumped to the“Everybody is asking the organization to do something to promote sales.
“It is easily foreseeable that this market will be under stress for the rest of this year,” O’Connell said by email. “There will come a point when the market adjusts to higher prices but that may be some way off yet.”
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