Quartz India/Nupur Anand/2-22-2019
“The biggest Indian wedding season isn’t as glittery this year. For gold prices are off the charts, fuelled by gathering clouds of economic turmoil across the world.”
USAGOLD note: Gold prices are India because its currency, the rupee, is weakening in global markets (See chart below) – a trend, we would assume, that many in India believe could worsen. Though this article is pessimistic about demand, sometimes demand can hold steady or increase despite higher prices in times when the citizenry sees the currency as weakening further. Too, the rise over the past year is about 9%. Is that really enough to put a serious damper on wedding sales? It will be interesting to see the season actually turns out this year.
Chart courtesy of bullionrates.com
