The gold rush

Print edition : February 08, 2013

People waiting in a queue to sell their gold at Zaveri Bazar in Mumbai, the main bullion market, as gold prices zoom up. Photo: Paul Noronha

Drawing a line between the purchase of gold for consumption purposes and its purchase as a hoard is near impossible Photo: P.V. Sivakumar

The country’s insatiable appetite for gold has led to imports rising from $3.8 billion in 2002-03 to $57.5 billion in 2011-12, taking scarce foreign exchange away from development needs. A return to gold control of a workable kind is imperative.
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