Gold glittering,but demand takes a hit

The demand in Mumbai bullion market has also reduced to 250 kg per day.

India’s demand for gold has halved in the recent past due to soaring prices,according to a bullion association official.

“The country’s demand for gold has come down to less than one tonne per day,as compared to the normal demand of 2 tonnes due to its high price,” the Bombay Bullion Association (BBA) President Suresh Hundia said.

The demand in Mumbai bullion market has also reduced to 250 kg per day as compared to the normal demand of 500 kg per day,Hundia said.

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“We expect a correction in the prices of gold to Rs 18,200 to Rs 18,500 per 10 grams,after which the demand will start picking up,” he said.

Standard gold (99.5 purity) was quoting at Rs 19,075 and pure gold (99.9 purity) at Rs 19,170 per 10 grams in the Mumbai bullion market as of last week.

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Bombay Bullion Association

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