Consumers in India Rush to Sell Gold
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Consumers in India, one of the worlds biggest importers of gold, are aggressively selling their jewelry as the price of gold in India hits a record vs. the rupee, which has falling dramatically against the dollar.
"In some areas consumers are selling more than jewelers," Bachhraj Bamalwa, chairman of the All India Gems & Jewellery Trade Federation, told Bloomberg in a phone interview. "They are selling aggressively."
SPDR Gold Trust (NYSE: GLD), an ETF that tracks the spot price of gold, is flat today as traders continue to weigh the odds of quantitative easing in the U.S.
"In some areas consumers are selling more than jewelers," Bachhraj Bamalwa, chairman of the All India Gems & Jewellery Trade Federation, told Bloomberg in a phone interview. "They are selling aggressively."
SPDR Gold Trust (NYSE: GLD), an ETF that tracks the spot price of gold, is flat today as traders continue to weigh the odds of quantitative easing in the U.S.
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