1/8
Blame poor rains or a lack of weddings, but Indians, for whom gold is the investment of choice, aren't rushing to buy bullion after this week's sharp sell off.
In This Pic : gold shopping, Gold
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2/8
India and China are the world's top gold buyers and, after
massive selling on the Shanghai Gold Exchange helped drive down gold
prices by 4 per cent to a 5-year low, traders hoped demand would perk up in
India, or elsewhere in Asia.
In This Pic : gold shopping, Gold
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3/8
The last big slide in gold prices — a 13 per cent drop in just two consecutive trading days in April 2013 — prompted weeks of long queues of Indians outside gold showrooms. Not this time. India's gold appetite — it accounts for more than a fifth of global demand — remains sluggish, with only modest local premiums to the global spot benchmark.
In This Pic : Gold prices, Gold
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4/8
"That's really a bearish sign, when the main consuming region remains on the sidelines after such a price drop to a multi-year low," Commerzbank senior oil analyst Carsten Fritsch told the Reuters Global Gold Forum on Tuesday. "Who's going to buy gold if not the Asians?"
In This Pic : gold shopping
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5/8
While the price slide sparked some interest, there has been
no repeat of the 2013 buying frenzy. "This is not a festive or wedding
season, so interest remains low," said Kumar Jain, vice-president of the
Mumbai Jewellers Association.
In This Pic : Mumbai Jewellers Association, Gold
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