India has taken a rain-check on gold. Premiums for gold bars slipped in Asia on Tuesday after bullion raced towards a lifetime high, while purchases from Indian jewellers slowed to a trickle as the monsoon progressed in the world's largest consumer....
Demand for gold in India hinges on a good monsoon, which boosts farm output and rural incomes. July is usually a lean month in India because farmers, who make up 65 percent of the country's gold demand, spend their money on sowing crops.
No one is buying, however there are a few sellers, said Harshad Ajmera, proprietor, JJ Gold House, a wholesaler in the eastern city of Kolkata.
Although dealers in India offered gold at a discount of up to 1 percent below international prices, demand remained slow. Premiums for gold bars slipped to 50 cents to the spot London prices in Singapore from as high as 80 cents last week....
Tuesday, June 8, 2010
Indian Gold Demand Tails Off, Bar Premiums Shrink
Concurrent with the monsoon season, India gold demand has slowed to a trickle. The reason given, though, is high prices combined with a weakening of the rupee.
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