INDIA’S GOLD DEMANDS
The steady demand by India for gold in the London market, usually above the price based on the dollar exchange, has attracted some attention. In a review of 1922 a Bombay lirm states that gold is exercising an increasing fascination upon the minds of India’s peo. pies, even to the extent of a certain loss in the popularity of silver. The fluctuation in the price of gold seems to be partly responsible for the demand. but the main reason is that, with the purchasing power of the country growing stronger, and the desire for hoarding consequently incroas. ing there is a tendency towards a pre. ferencc for gold as against silver. The increased volume of business transact, od in the Bombay gold market may be expected, it is stated, to continue unabated during the succeeding years. The growing importance of Bombay as a jrold centre makes it now rank after New York.
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Manawatu Times, Volume XLVI, Issue 2648, 17 May 1923, Page 8
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155INDIA’S GOLD DEMANDS Manawatu Times, Volume XLVI, Issue 2648, 17 May 1923, Page 8
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