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Gold May 22, 2014 02:47:35 AM

Worried Indian Investors Hasten to Sell Out Gold

Paul Ploumis
ScrapMonster Author
Indian investors are seen in a hurry to sell out their physical gold collection as Modi-led new government has eased gold import duties to boost the precious metal import which is likely to pull down gold prices significantly.

 Worried Indian Investors Hasten to Sell Out Gold

NEW DELHI (Scrap Monster): Indian investors are seen in a hurry to sell out their physical gold collection as Modi-led new government has eased gold import duties to boost the precious metal import which is likely to pull down gold prices significantly.

At present, the gold market has thronged with sellers than buyers. The anxious investors bring gold bars and coins that they purchased months ago, said Mr. Jitendra Kantilal Jain, proprietor of Jugraj Kantilal and Co., a large dealer in recycled gold in the western Indian city of Mumbai's Zaveri Bazaar.

It is said that though the gold prices plunged last week, the rush for gold has not seen in these days.

The jewelers expect that the gold prices would come down further days. They also believe that newly elected Bharatiya Janatha Party Government would take more gold friendly steps.

Last year, the United Progressive Alliance had imposed 10% gold import duties to curb the dangerously escalating current account deficit of the country. 

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