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Gold Near Record in India Means Buyers Are Seen Staying Away

  • Domestic gold prices have advanced 15% in past 12 months
  • Illegal inflows have risen tremendously after Covid: WGC

A rally in gold prices to an all-time high in India is deterring local buyers in the runup to what is normally a key demand period next month, according to the World Gold Council.

Gold futures in the second-biggest consumer jumped to a record 60,455 rupees ($734) per 10 grams last week. The metal has risen about 15% in the past year in India because of haven demand and a weakening rupee. The country imports almost all the gold it uses, mainly from Switzerland and the UAE.