In India’s bazaars, old gold is the new black
With prices sky high, Indians are selling off old jewelry—and it’s taking the shine off gold imports.
Categories:
Precious Metals
n a centuries-old gold bazaar, Sanjay Malhotra peers through a magnifying lens at a dull gold necklace resting on a small bed of red velvet. Such old possessions are streaming into his shop of late, a tip-off to a significant change afoot in one of the world’s largest gold markets.
Farmers have been cashing in on gold’s soaring price—up about 22% since the start of the year—to buy extra seed in a year that, true to forecasts, delivered unusually bountiful rains. Other rural Indians have piled into gold shops to sell at an unusually fast clip as well.
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