Gold trade fails to take advantage of the price of the yellow metal falling 7.33% since November 8 to Rs 29,076 per 10 gm. The demonetisation move has brought down business by 75% in last two weeks. In addition, the fear of taxmen knocking the door is looming largely on them, which has dampened the mood in the market. All jewellers have been asked to refrain from selling gold in exchange of old Rs 500 and Rs 1000 notes and bring it to the notice of the authority. Talking to ET, Sreedhar GV, chairman, All India Gem & Jewellery Trade Federation (GJF), "We are trying to get in touch with the finance ministry. Last week the ministry was busy with the demonetisation issue. We are trying to meet them this week. Our business is down by 75% since November 9. We are worried as one crore people are attached to the trade." While the trade is visibly worried over falling sales, analysts feel that price of gold is expected to fall further internationally. However, in rupee terms, gold prices may not fall in tandem with international prices as rupee depreciates against dollar. Shekhar Bhandari, business head for global transactions and precious metals at Kotak Mahindra BankBSE 0.25 % said "There are chances for prices to weaken below $1,200 per troy ounce in the next few weeks to $1175 -$1180 per troy ounce leading into the Federal Open Market Committee meeting on December 14." If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , Bullion Market Tips , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Bullion Energy Tips , Commodity market tips , call ☎ @ Toll Free Number 📲 18003157801 or fill form 🔗 https://www.tradeindiaresearch.com/freetrial.php
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