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2017: Note ban to shave off a third of gold demand , jewellers cautious

Jewellers are cautious about selling gold without bills as they fear getting caught

Rajesh Bhayani  |  Mumbai 

Demonetisation is expected to shave off 300 tonnes of India’s gold demand, which is unlikely to come back in a hurry.  Average monthly gold imports, which has been around 65-70 tonnes for the past few years, halved between February and September this year. In October and November, there was a recovery on account of festive buying and marriage season. However, demonetisation is expected to result in a drop in demand.  Sudheesh Nambiath, lead analyst, precious metals demand, South Asia & UAE, GFMS, Thomson Reuters, said, “Our estimate is that 300 tonnes of ...

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