Whilst the Indian government may be getting their way with a reduction in the current account deficit, it seems state gold controls are just leading some citizens into criminal activity and unemployment.
London prices for physical gold held little changed Monday morning, edging lower from the best weekly finish in three as new data showed China's economic growth slowing but retail sales rising sharply.
"It seems that a number of safe haven refuges like gold, the Japanese yen, U.S. Treasury bonds, and the Swiss franc have all been under pressure lately," says Ed Meir, metals analyst at brokerage INTL FCStone.
Spot gold dealings commenced the new trading week with a loss of $6 per ounce and the yellow metal was quoted at $1,767 on the bid-side. Silver prices fell by about a dime per ounce and initial indications came in at $35.32 the ounce in the white metal.