GFMS Says Gold Jewelry Fabrication Declined in India, China
India’s jewelry fabrication slipped to 593 metric tons, the London-based researcher said today in a report. Recycling in the country more than doubled to a record 132 tons. Jewelry fabrication in China declined less than 1 percent to 495 tons last year, GFMS estimates.
While gold’s high last year in dollars was 6.5 percent below the all-time high set in 2011, the metal reached a record priced in rupees in September, data compiled by Bloomberg show.
“Higher gold prices in rupee terms, the lack of a clear price trend for certain periods, a patchy monsoon and the introduction of new taxes” cut demand, GFMS, a unit of Thomson Reuters Corp., said in the report. “A lack of clear price trend, coupled with a slight slowdown in economic growth, also undermined Chinese fabrication.”
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