Gold bangle sales pick up in India
The price of gold has been declining for about 9 months now, coincidentally (or perhaps not) the prices of "cryptocurrencies" have gone up anywhere from 5X to 50X fold. Indian buyers are starting to bargain hunt gold again, according to Bloomberg.
"After a year of demand being in the doldrums, retailers are buying more of the precious metal to cater to people like Seema B, a 35-year-old housewife who ventured to Mumbai’s Zaveri Bazaar to get new bangles after months of putting it off. “The prices have come down a bit and the general worries about the virus have also eased,” she said.
While we don't know if the virus easing really has anything to do with the demand for gold, we do know that lower prices entice bargain hunters. It is important to note that Asian countries, particularly India and China, are the largest consumers of gold jewelry in the world.