| To gain insight into the weakening gold market, talk to an Indian farmer. In a country where an estimated 800 million people depend on agriculture and many revere gold as ornament and store of wealth, growers flush with cash during harvest season have helped India vie with China as the world’s largest buyer of bullion.
Sales usually surge this month in the main festival season of Diwali, with farmers buying gold as religious offerings and elaborate wedding adornments that serve as a bride’s dowry. Less so this year. El Nino weather patterns have led to the driest monsoon season in six years, reducing farm output and incomes. Farmers like Ranjeet Chavan are cutting back..............................................Full Article: Source
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