India Preps For Rising Gold Demand

It’s festival season in India, a time when gold sales traditionally spike in the world’s largest gold consumer market.

According to the Financial Times:

This year investors are watching the key market particularly closely, following a period of muted demand when bourses have rallied and supply has been choked.

The recently elected government of Prime Minister Narendra Modi surprised industry analysts by keeping import controls unchanged in its July maiden budget, in spite of an improvement in India’s trade balance.

Ashok Minawala, former chairman of the All India Gems and Jewelry Trade Federation, warned:

Last year was an unusual year – we had a booming April and May,which are generally low. You can’t compare this year to last year at all.

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