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No risk in fixed deposits? Tell it to Cyprus!
India's Love Affair with Gold May Be Over as Prices Slide
By Rajendra Jadhav and Indulal PM
Friday, September 12, 2014
VANGAL, India -- Kiran Laxman Salunkhe used to buy jewellery during religious festivals, but sliding gold prices have led the young Indian farmer to break with his family's traditional investment.
This year Salunkhe has deposited his hard-earned savings at the bank for the first time in a decade and bought farmland.
"I bought jewellery when gold price was 32,000 rupees (per 10 grams) last year. Now jewellers won't pay me more than 27,000 rupees if I want to sell. Why should I invest in gold?" said Salunkhe, who farms 15 acres of sugar cane in Vangal, a village 250 kilometers (160 miles) south of Mumbai.
"Nowadays it is risky to keep jewellery. Burglaries are rising," he said. "With a fixed deposit there is no risk." ...
... For the remainder of the report:
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