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Gold prices in India still not very attractive, says World Gold Council

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The gold prices declined after the Federal Reserve Chairperson Jerome Powell in his testimony to Congress on Tuesday spoke about stronger jobs, growth numbers and reinforced that the central bank is on road to see further interest rate hikes in 2018.

Gold prices are trading near a one-year low after falling for four straight months.
A survey by Bank of America Merrill Lynch suggests that it is a good time to start accumulating gold.
The gold prices declined after the Federal Reserve Chairperson Jerome Powell in his testimony to Congress on Tuesday spoke about stronger jobs, growth numbers and reinforced that the central bank is on road to see further interest rate hikes in 2018.
PR Somasundaram, managing director - India at World Gold Council said, “It is at $ 1,228. We have seen that last around 2014. Early part of 2014 we did see these prices. So certainly it looks that it is a good time to buy. However, closer home, we have seen the price increase over 2 percent compared with 2017. So it has not acted as much as a catalyst as the 2013 price decline did when we saw huge demand upsurge."
"As of now we see the prices in Indian market are still not very attractive for the buyer, it is at Rs 29,735 as of Tuesday. So it is still about 1.7 percent higher than end of 2017,” said Somasundaram.
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