As Gold Prices Zoom, Indian Buyers Hold Back
Source: Reuters, Krittivas Mukherjee and Siddesh Mayenkar (8/8/11)
"Global price disruptions will keep Indians away from jewelry stores for at least the next few weeks."
Global price disruptions will keep Indians, the world's biggest gold buyers, away from jewelry stores for at least the next few weeks until demand is likely to rise with the onset of the traditional festival and wedding seasons.
Zaveri Bazaar, India's biggest bullion market in the financial hub Mumbai, drew only a trickle of buyers on Monday as the country's benchmark gold futures hit a new peak of 25,180 rupees ($562.87) per 10 grams. Gold prices in India have gained 21% so far this year. . .View full article