KONTAN.CO.ID - MUMBAI. Jewellery stores in India wore a deserted look this week after a record rally in prices hammered appetite and forced dealers to offer steep discounts, but top consumer China continued to see steady demand. In tandem with a surge in benchmark spot gold prices, domestic rates in India, the world's second-largest gold consumer, hit an all-time high of 66,943 rupees per 10 grams this week. "Retail demand is nearly non-existent. Buyers have become very discerning and prefer to make purchases only when prices come down," said a Mumbai-based jeweller.
Record Price Rally Saps Gold Appetite in India
KONTAN.CO.ID - MUMBAI. Jewellery stores in India wore a deserted look this week after a record rally in prices hammered appetite and forced dealers to offer steep discounts, but top consumer China continued to see steady demand. In tandem with a surge in benchmark spot gold prices, domestic rates in India, the world's second-largest gold consumer, hit an all-time high of 66,943 rupees per 10 grams this week. "Retail demand is nearly non-existent. Buyers have become very discerning and prefer to make purchases only when prices come down," said a Mumbai-based jeweller.