Aug 02, 2020
India's interior minister tests positive for coronavirus, hospitalized
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Pedestrians wearing protective face masks in front of a mural in New Delhi, India on July 21, 2020.Yawar Nazir | Getty Images
Amit Shah, a close aide to Prime Minister Narendra Modi and one of the country's most powerful politicians, heads a key ministry that has been at the forefront of managing India's coronavirus outbreak.
"I request all of you who came in contact with me in the last few days to isolate yourselves and get tested," Shah said in a tweet.Related Tags
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News Source: CNBC
Gold Consumers in India Hug Sidelines Ignoring Steep Price Drop
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Domestic gold prices fell by the most since October 2013 on Tuesday, capping this year’s rally at 33%. Gold has recouped some losses since then, unnerving consumers, who traditionally rush to buy when prices drop. Buyers are much more wary about price swings this year and are holding off buying gold as the economy contracts and coronavirus curbs limit physical movement, according to the All India Gem and Jewellery Domestic Council.
“This big fall has created a suspense among the consumers over whether there will be a further fall,” said N. Anantha Padmanaban, chairman of the trade group. “Consumers had only started coming to the stores in the last 10 days, and now with a correction like this, they may take their time waiting for further fall.”© Bloomberg Gold consumers in price-sensitive India stay on sidelines
Demand in the world’s second-biggest user is forecast to slide to a record low this year, hammered by all-time high prices and as the country heads toward its first annual economic contraction in more than four decades after virus-related restrictions shuttered businesses and left millions jobless.
“The market is very volatile right now and this kind of movement reduces consumer confidence in the gold market,” said Vaibhav Saraf, director at Aisshpra Gems and Jewels. “It forces the consumer to step back and wait for the markets to stabilize before investing.”
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