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GMS to fish out #Gold, says UBS #GoldMonetization

GMS

Global research firm UBS securities gave a thumbs up to the Gold Monetization Scheme introduced by the Modi government to meet the desire of the yellow metal among the Indian consumers. The firm said that the scheme has the potential to perform better than previous initiatives, especially among the rural areas from where a large demand originates. Modi launched three schemes last week to fish out 20,000 tonnes of gold lying idle in households. The move, if successful, may help to contain current account deficit. It has also linked to Gold Metal Loan Scheme, which would allow metal collected to be lent to jewelry industry.

 

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