This year, he is selling his gold jewelry to meet expenses, after failed attempts at starting a home business and finding another job. “Selling my jewelry means I am not obligated to pay someone back along with an additional interest on that." With the pandemic pushing millions into poverty or bankruptcy, many Indians are now turning to their last resort: selling their gold jewelry to make ends meet. Indians have been cutting down on their gold purchases in the past couple of years as a weak economy and the virus outbreak trims their spending power. In 2020, gold sales fell to the lowest in more than two decades, according to the World Gold Council.

Source: Mint July 12, 2021 00:11 UTC