Business Maverick: Price Surge Spells ‘Hell’ for India Gold Sales as Demand Wanes

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 84%

United States News News

United States United States Latest News,United States United States Headlines

Business Maverick: Price Surge Spells ‘Hell’ for India Gold Sales as Demand Wanes By Bloomberg

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.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: Forgotten Promises: Ease of doing businessHow many of the 2019 election promises were forgotten in the maelstrom of the ANC’s dirty internal war? In this Forgotten Promises series, Business Maverick aims to track down those pledges and find out what government is doing about them.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: Shareholders to Old Mutual board: Fix the drawn-out Moyo impasseFor the first time, the insurer’s institutional shareholders have voiced their concerns about the punch-up between Old Mutual and axed CEO Peter Moyo, which is playing out before the high court in Johannesburg. Shareholders have told the board to find a resolution to the protracted impasse and even consider a financial settlement. But they remain divided on the latter.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Rico: Cartoon Tuesday
Source: dailymaverick - 🏆 3. / 84 Read more »