INSUBCONTINENT EXCLUSIVE:
Gold demand in 2019 could drop 8 per cent from a year ago to around 700 tonnes, said an expert.
Gold
prices stood at Rs 38,070 per 10 gram in the national capital on Monday, according to India Bullion and Jewellers' Association (IBJA)
These rates are exclusive of 3 per cent Goods and services Tax (GST) and making charges, industry body IBJA mentioned on its website
IBJA is a Mumbai-based association consisting of gold dealers, traders and jewellers
Gold rates were helped by a recovery in global prices of the yellow metal and weakness in the rupee against the US dollar, according to
Here are 10 things to know about current gold prices:Gold prices have remained near record levels for past few weeks, forcing
many buyers to delay their purchases during the festival season which typically leads to higher demand for the precious metals.Global prices
rose after touching a three-month low in the previous session, on lingering concerns over the US-China trade deal and world economic
growth.The trade war has roiled financial markets and spurred fears of a global economic slowdown, pushing gold rates up 14 per cent so far
this year.Spot gold was last seen trading 0.3 per cent up at $1,462.83 per ounce on Monday, while US gold futures were flat at $1,462.90 per
ounce.Trade talks with China were moving along "very nicely," US President Donald Trump said on Saturday, but the US would only make a deal
with Beijing if it was the right deal for America.Washington and Beijing had agreed to roll back tariffs as part of the first phase of a
trade deal, but Donald Trump later denied any such agreement.The rupee shed 26 paise to hit 71.54 against the dollar at the weakest level
recorded on Monday.In India, gold demand is expected to fall to its lowest level in three years in 2019, the World Gold Council (WGC) said
earlier this month, as domestic prices climb to a record against a backdrop of falling earnings in rural areas.Gold demand in 2019 could
drop 8 per cent from a year ago to around 700 tonnes, the lowest since 2016, said Somasundaram PR, the managing director of WGC's
operations.Gold imports into India fell for a fourth straight month in October from a year ago as near record-high prices dampened buying
during key festivals in the world's second-biggest consumer of the metal, news agency Reuters reported citing a government source earlier
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