India gold demand lags on price surge

  • News Digest
MUMBAI/BENGALURU

Jan 20, 2019-

Gold demand turned fragile this week in India as local prices jumped to their highest level in 2-1/2-years, while traders in major buying centres in Asia pinned hopes on purchases ahead of the approaching Lunar New Year. Local gold prices in India, world’s second-largest gold consumer, touched their highest since July 2016 this week. “Prices are just moving higher and higher. Buyers are waiting for a correction in prices and the annual budget as there is speculation of a duty cut,” said a Mumbai-based dealer with a bullion importing bank. Prime Minister Narendra Modi’s government will present the budget on Feb. 1. (REUTERS)

Published: 20-01-2019 11:05

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