| Gold denominated in Indian rupees just skyrocketed up near record highs, a far cry from recent dollar-gold action. Much of this extraordinary rally was fueled by the near-collapse of the Indian currency to new record lows against the US dollar. India’s deepening currency crisis has major implications for domestic gold demand and thus global gold prices. Nothing ignites gold buying like a collapsing currency.
Indians’ deep cultural affinity for gold is legendary. For decades it was the world’s biggest consumer of gold, although China is overtaking it now...............................................Full Article: Source
|