Jewellers End Strike in India, but Gold Sales Still Down

Reuters reported that India’s daily gold sales are 80 percent less than they were a year ago even though jewellers have ended their strike over taxes.

As quoted in the market news:

Normally during this peak wedding and festival season, around 7 tonnes of gold would be sold every day to jewellers and stocks would be about 10-12 tonnes accumulated in the past 3-4 weeks.

“We have delivered pending orders, but there is no work today as gold prices have gone up,” said Kumar Jain, vice-president of the Mumbai Jewellers Association.

Click here to read the full Reuters report.