High Gold Prices could affect demand in India

Indian jewellers have suggested that high Gold Prices could have a detrimental impact on retail sales of the precious metal.

The Wall Street Journal reveals that local traders suspect that demand could be impacted by the high cost, even though this time of year is normally a period of high activity as a result of festivities.

The news provider states: "High prices in the run-up to the Akshaya Trithya festival this year may yet again dent retail gold sales in India despite this being the most auspicious time on the Hindu calendar for buying the yellow metal."

Meanwhile, the Financial Times has revealed that Gold Prices have increased despite the fact that the dollar, with which the precious metal has an inverse relationship, has remained comparatively strong.

The news provider said: "Gold continued its strong performance in spite of dollar strength as continued worries about eurozone sovereign debt drove investors to seek safety in the yellow metal."

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