The gold cost is so high worldwide including India due to hoarding of gold.
More than 80% of gold assets are not available in free market due to being held in govt vaults or with each individual as its family heritage.
Demand is increasing and supply is receding as old gold mines are being closed due to cost being incurred to extract the gold is higher than the cost in the actual market and this is the reason number of gold mines have been closed in India.
The adjacent image is based on data provided by world gold council which monitors the supply and demand which in turn hypothetically determines the correct price of gold in the international market.
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