Bumper Rise in Gold Purchases: PM Modi's Appeal Has No Effect!
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In India, the government's "don't buy gold" campaign and more than doubling of import tariffs have not helped. Consumers have once again shown great interest in gold. The country's largest jewelry retailer has seen its profits rise.
Economy - Indian Prime Minister Narendra Modi's call to reduce gold purchases has not been heeded by the markets. The country's largest jewelry retailer, Titan, saw its profits rise by 63 percent in the last quarter, highlighting strong demand for gold.
Indian Prime Minister Narendra Modi's call to reduce gold purchases has gone unheeded. The strong performance of gold demand was evident, with Titan, the country's largest jewelry retailer, reporting a 63% increase in profits in the last quarter.
Prime Minister Narendra Modi had made a special appeal to reduce the purchase of gold and the government had also increased the import duty on gold by 15%. Despite this, Indians' attraction towards gold has not diminished at all. The figures revealed in a new report have shocked many.
Modi's new appeal to ban gold purchases comes at a time when the government is trying to reduce India's gold import bill and bring gold held in households into the market.
The Call to 'Stay Away From Gold' Went Unheeded: Sales Reached Billions of Dollars - Dünya Newspaper
In India, the government's "don't buy gold" campaign and more than doubling of import tariffs have failed to curb consumer interest in gold. While the government attempts to support the weakening rupee by restricting imports, citizens continue to buy gold, viewing it as a way to protect their savings. Titan, the country's largest jewelry retailer, saw its profits rise 63 percent in the last quarter, with gold jewelry sales reaching $21 billion i…
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