Ruppee on Its Knees, Gold Takes It on The Chin
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The ruppee hit a record low against the dollar on Wednesday, making it the worst performing currency in the emerging markets. The selloff is making jewelers in Iindia jittery, according to reports out of India.
Since gold is priced in USD, consumers in India are cutting back on jewelry purchases due to the ever increasing prices.
Traders consider this another negative for gold prices and the ETF (NYSE: GLD), which have both seen heavy pressure and new lows every day for four days running.
Since gold is priced in USD, consumers in India are cutting back on jewelry purchases due to the ever increasing prices.
Traders consider this another negative for gold prices and the ETF (NYSE: GLD), which have both seen heavy pressure and new lows every day for four days running.
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