Indians Are Buying Gold for as Little as One Cent
- Platforms like SafeGold, Augmont cater to young buyers
- Futures in Mumbai are set to post a third year of gains
Photographer: Dhiraj Singh/Bloomberg
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Indians are buying gold for as little as one rupee (1 cent) as retailers offer online sales in bite-sized portions to prop up shrinking demand in the world’s second-biggest consumer.
Demand for gold is falling, partly as a result of government measures, higher local prices and the metal’s fading appeal among more youthful customers. That’s forcing jewelers to adapt online purchases to appeal to a more internet-savvy, younger population.