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No gold sold in Covid India - 21st August 2020
Indian jewellers usually earn enough money. They now have no work because of Coronavirus. Gold prices are higher and they aren’t selling as much jewellery.
India ended lockdown months ago. But there are few customers so shops have stayed closed.
Zaveri Bazaar in Mumbai is India’s biggest gold market. Coronavirus is a big issue here. Gold workers went into lockdown in their villages far away and many have not returned.
Gold prices have increased sharply. Young people are deciding not to celebrate their weddings with jewellery.
Gold has other uses. People who own gold are borrowing money with it instead.
Mr Somasundaram manages the World Gold Council’s Indian business.
Somasundaram: "The growth will come back and once the growth comes back you will see that demand for gold also rises. It's also culturally something which we can't disassociate from the Indian traditions."
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