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Fall in gold prices good for Indian economy, says report
Posted on: 22/Apr/2013 2:39:40 PM
According to a report released by Bank of America Merrill Lynch, the recent fall in gold prices as augured well for the Indian Economy. Speaking about the report, Chief Economist at BofA Merrill Lynch said, ‘Falling gold prices is net positive for India. If gold settles at current levels, our FY 2014 current account deficit forecast will come off to 3.9% of the GDP from 4.3% of the GDP.’
The report has said, ‘Falling gold prices is net positive for the Indian economy and if it settles at the current levels, the country’s Current Account Deficit (CAD) is likely to be about 3.9 per cent during the current fiscal… Gold investment demand is unlikely to revive in a hurry after the recent crash. With rural incomes slowing, we do not expect rural gold demand, another major source of rural demand, to rise substantially this year either.’
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