* Gold on track for worst day since June 2013
* Silver plunges 13.8%, biggest daily decline since Oct. 2008
* U.S. PPI rebounded more than expected in July
* Gold is down over $100 since Monday’s close
Imports by India declined 47% during Jan.-June: Metals Focus
Benchmark futures in India have rallied more than 60%
Silver consumption in India is set to halve in 2020 as buyers, mainly from rural areas, skip purchases amid surging prices and a weak economy.
Imports by the world’s biggest consumer may tumble by as much as 50% this year from about 6,000 tons in 2019, according to Chirag Sheth, a consultant at London-based Metals Focus Ltd. Imports were down by nearly…
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Silver prices also jumped 4.2% to $27.10, the highest since April 2013. Silver, which is both a safe-haven asset and widely used in industry, has risen over 51% this year, outperforming even gold.
“The pace of buying has been incredible across the silver products, whereas you’d expect that strength in gold,” said Suki Cooper, an analyst at Standard Chartered in New York. “But once investors feel they are priced out of gold they may turn to silver, or they may look at the gold/silver ratio and feel it is undervalued.” Holdings in silver-backed exchange traded funds had risen to a record 8,445 tonnes this year, Ms Cooper added, almost double the previous record in 2009.
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