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Modi govt's clampdown on black money curbing gold appetite in India, say bankers

Rising real interest rates and better returns from other financial markets are also hurting purchases

Reuters  |  Mumbai 

India's crackdown on undisclosed foreign assets and income is curbing demand for gold in the world's second-biggest consumer, while rising real interest rates and better returns from other financial markets are also hurting purchases, a banker said. Although consumption should pick up from now until the end of the financial year, when India buys more for gifting during festivals and weddings, weak demand so far has dragged on the global gold price that has shed nearly 9 percent from a two-year high in July to $1,258 an ounce on Tuesday. "There is a crackdown on ...

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First Published: Tue, October 18 2016. 12:32 IST
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