| A rally in gold prices since the start of 2016 will reduce purchases in India, the world’s second-biggest consumer, trimming import prospects amid high inventories, according to the World Gold Council.
At current price levels, consumers are estimated to buy about 750 metric tons to 850 tons this year, lower than a May forecast of 850 tons-950 tons and the 864.3 tons bought in 2015, P.R. Somasundaram, the managing director of the council for India, said in an interview in Mumbai. While a continued uptrend in prices will weigh on volumes in this half, a good monsoon may see some of the increase being absorbed because of better incomes, he said...............................................Full Article: Source
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