INDIA is likely to face gold shortage in the near future with more people buying the yellow metal after global meltdown in Europe. With gold being looked as a lucrative investment option in European market, back home, the yellow precious metal will face the temporary shortage. Europe is unable to supply gold to India because European investors have started investing in gold.
Gold prices regained some of its recent losses in the Indian market on Wednesday despite a fall in international markets. Local markets gained mainly on the back of stockists’ buying who returned to market after a fall in equity prices. Some of the investors might have shifted their funds in gold from weak stock markets, boosting the prices of this metal. In Mumbai, pure and standard gold rose by Rs 80 and Rs 65 to Rs 11,885 and Rs 11,815 per 10 gm, respectively. In international markets, gold prices declined by more than 2% as the dollar firmed up against the euro, supported by lower crude prices. In London, spot gold fell to $717.00/719.00 an ounce.
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