Gold jewellery sales in India, one of
the world’s largest gold consumers, dropped in the first week of October due to
uncertainty in gold prices.
On October 14, gold prices rose 0.55 per
cent to Rs 27,119 per ten gram in futures trade in New Delhi as speculators
enlarged positions.
According to analysts, many customers are
holding back on expectations of further fall in gold prices. However, they
added that consumer confidence remained at its highest level and expects gold buying
to accelerate during the Deepavali festive season.
In India, there is a lack of consensus
among customers with respect to gold price movements and mixed reports by
analyst community have only helped to add to uncertainty in gold prices.
Even after 20 per cent fall in gold
prices during the past one year, consumers still anticipate some more downside
for the yellow metal, which make them postpone their gold purchases.
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