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Gold prices fall; Indian Jewellers call off strike!

Extending the downtrend from the past two months, gold prices continued to fall following the news from central bank’s assessment of economy. It is also questionable now if US could recover from this lingering.

Gold Strike Called off

Gold Strike Called off

Investors are eagerly waiting for Fed’s Beige book survey of regional economic conditions and University of Michigan’s consumer confidence reading which indicate valuable points with respect to employment, which is generally proportional to the demand of gold in market.

Meanwhile, stir between Jewellers in India and government ended on Saturday as they called of three week old strike which started opposing the government’s proposal of levying excise duty of 0.4percent on unbranded jewellery worth more than Rs.2, 00, 000.

Association also mentioned that they would resume strike on May 11th if tax rollback does not come into effect. Experts predicted that such move might result in gold imports by a third; this strike resulted in loss of 200 billion rupees!

Sources: 1, 2, image

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