Poor Man's Gold More Popular in India as Prices Decline
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A recovery in industrial demand is helping boost silver imports by India, according to Chirag Sheth, an analyst at Metals Focus Ltd. The value of purchases has risen to $2.1 billion in the first half from $1.5 billion a year earlier as silver prices average 4 percent less. Sheth estimates import volume may rise 15 to 20 percent this year, while gold shipments could drop as much as 25 percent because of ample inventories and sluggish demand.