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India gold market update: Mixed reading
Gold prices declined sharply in March in both US dollar and INR terms, marking the weakest monthly performance in nearly 13 and 12 years respectively. Prices fell by 12% in USD and 8% in INR terms, with the relatively lower decline in domestic prices linked to the depreciation in the INR (by 4%). The price decline was driven by momentum factors – outflows from global gold ETFs and an unwind of COMEX net long positions, alongside higher opportunity costs due to a stronger US dollar and higher bond yields. As of 13 April, prices had partially recovered and stabilised, although remained more than 13% below the January ... (full story)