MUMBAI -
Investors in India appear to be moving out of cash and into
gold and silver. As poorly performing equities hit valuations, analysts
and traders insist there is an acceleration in the investing community
to asset switch into precious metals.
Both the precious metals, gold and silver, recovered sharply in the
domestic market on Friday, on fresh buying by stockists and jewellers
here. While the yellow metal surged $7.49 to $538.47 for 10 grams,
silver rose by around $7.99 to $1051 per kilo.
Traders said revival of buying by stockists and jewellers at existing
lower levels was meant to meet seasonal demand and the festival of
lights coming up next week, while reports of a firming trend in the
Asian region had mainly pushed up both gold and silver prices.
The Indian government recently released its export figures. According
to the data released by the government for April to September, imports
of gold and silver rose by a whopping 80% to $31.1 billion during six
months.
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