Gold: Indian demand risks under Modi call – Commerzbank
The post Gold: Indian demand risks under Modi call – Commerzbank appeared on BitcoinEthereumNews.com. Commerzbank strategists highlight concerns from India’s jewellery industry about a potential further setback in Indian Gold jewellery demand, which is important for the physical Gold market. They note that Prime Minister Modi has urged Indians to avoid Gold purchases for at least a year to protect foreign exchange reserves. Strategists also flag the risk of higher import duties if this appeal fails. Indian jewellery demand faces fresh risks “Despite the recovery in oil prices, gold has almost managed to hold on to the gains made in recent days.” “Meanwhile, India’s jewellery industry fears a further setback in Indian jewellery demand, which is crucial for the physical gold market: Over the weekend, Prime Minister Modi called on Indians to refrain from gold purchases for at least a year in order to preserve the country’s foreign exchange reserves.” “Although India purchased significantl