India Braces for Lowest Gold Sales in 25 Years as Virus Hits
- Demand already hurt by record prices, slowing economic growth
- Industry group asks for import tax on gold to be lowered
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India’s sales of gold jewelry to bars are set to plunge to the lowest in a quarter of a century as a lockdown to combat the rapidly spreading coronavirus brings the industry to a standstill.
Demand in the world’s second-biggest gold consumer has already tumbled, slammed by record high domestic prices and an economy headed for the slowest pace of growth in 11 years. That pain is set to deepen as the virus spooks buyers and jewelry stores shutter their stores after Prime Minister Narendra Modi and state leaders imposed an almost-complete lockdown across much of the country.