The reason why Indians crave for gold is because consumers ...
The sky is falling for India’s rupee, which has fallen 20.1% since the start of this year. The currency has slumped the most in two decades to a record low in the wake of government’s economic mismanagement and failure to tackle deteriorating infrastructure. The frightening slide in the currency has conversely led to a incredible hike in demand for gold in India. According to the World Gold Council, in the first half of 2013, India accounted for a staggering 28% of global consumer demand. The 566.5 tonnes of gold bought by Indians way surpassed Americans’ 83.4 tonnes purchased.
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