April 2010:

 In India the gold price has moved from 48000 INR/oz a year ago to a peak of 56000 in early December, a gain of almost 17%, and now sits at about 50000 rupee/oz. Simply holding gold for the past year would have netted a 4% gain y/y in rupee terms. Given the combination of a post Crunch psychology followed by sharp gains for foodstuffs, the buyers strike in India’s retail gold market last year is understandable.