20 June 2015

Commodity Gold & Gold ETFs Sales Down

Gold Sales Drop 10% on Weak Market Sentiment
Gold sales have dipped 10% in the past one month, hit by muted market sentiment and a slowdown in rural demand. Premiums on the yellow metal too have disappeared in the Mumbai market and it is available at a discount of $10 per ounce in the grey market,  people familiar with the trade. "The market is slower than expected. While delay in monsoon is one of the major reasons for this slowdown, the overall sentiment is also very dull which is affecting demand. The price of gold has almost stabilized over the past six months and is hovering around Rs 26500-Rs 27000 per 10 gm. Typically, if prices stabilize, consumers tend to buy.

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