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India's withdrawal of 2000-rupee note spurs purchases of gold and silver
From the Hindustan Times, Delhi
Monday, May 22, 2023
The demand for bullion saw a sudden jump on Saturday, which dealers in various parts of the country said was expected to continue until people offloaded a bulk of their R2,000 banknotes for gold and silver, even as a rush to exchange the high-value currency notes is expected at banks from Monday.
The Reserve Bank of India on Friday said it was withdrawing from circulation ₹2,000 currency notes introduced seven years ago after demonetisation, resulting in a rush to use the banknotes.
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People scrambled to buy gold and silver in bulk in bullion markets, leading to increase in prices, dealers in several states said.
"The sale of bullion has shot up after the withdrawal of R2,000 currency notes was announced," said Vinod Maheshwari, a bullion dealer at Lucknow's Chowk Sarrafa market. Traders were selling gold and silver at 10% higher rates to those paying with R2,000 notes, he said, adding that there was no significant increase in the rates of jewellery. ...
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