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Indians Not Selling Old Gold, But Raising Loan Against It

2-Jul-2020

Indians Not Selling Old Gold, But Raising Loan Against It

Economic uncertainty unleashed by the Covid-19 pandemic is still not persuading India’s gold hoarding lot to sell their household gold even in the midst of a surge in the price of the yellow metal, said gold traders in Zaveri Bazaar, the hub of gold trade in Mumbai, and South India, where gold is treasured.

Instead, most are going to gold loan companies to pledge their gold jewellery as the interest they pay against the loan is lesser than the loss in making charges they will have to bear if they sell it.

“We had expected that the price rise will compel the Indians to sell off household gold in this time of uncertainty. We had expected a sharp increase in old gold sales. But that is not happening.

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