India's Gold imports may rebound from a three-year low - All India Gem & Jewellery Domestic Council.
|Gold imports by India, the world's second-biggest consumer, may rebound in 2020 from a three-year low as the yellow metal is the only investment for the middle and lower-middle class and will have to buy, whatever the prices, according to N. Anantha Padmanaban, chairman of the All India Gem & Jewellery Domestic Council.
Key quotes (Source: Bloomberg)
Inbound shipments may climb to 750 tons from an estimated 690 tons last year.
With the Indian economy expected to grow at the slowest pace in more than a decade, the jewelry industry may spend about 3 billion rupees ($42 million) on promotions this year to boost flagging sales, including a shopping festival on the lines of the Dubai Shopping Festival.
Everybody is hoping for a good budget, not only for the industry but overall for the economy. Because that will improve the sentiment and business across the board for all other industries, and once that happens more money will come in our industry.
Gold prices rose by 25% in 2019, the biggest yearly gain since 2011 and tagged a six-year high of $1,611 earlier this month. At press time, the yellow metal is trading at $1,560 per Oz.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.