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Dip in gold prices may not help narrow CAD: HSBC

Posted on 30 April 2013

The dip in gold prices may not help narrow current account deficit, a report by HSBC said.”The recent drop in gold prices is likely to have no impact on the CA deficit as the drop in prices should be outweighed by a rise in volumes” said Leif Eskeseen, chief India economist, HSBC.
” Our quantitative analysis supports this”. The volume of gold imports rises with higher real incomes, lower real deposit rates, and falling gold prices. In fact, the volume demand for gold is price sensitive, the HSBC report notes. Indian households collectively holding no less than 20,000 tonnes of gold, according to the World Gold Council………………………………………..Full Article: Source


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