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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