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Paul Fernandes, a 50-year-old waiter in India, last year took out a loan using his gold as collateral to pay for his children’s education after losing his job on a cruise liner. This year, he is selling his gold jewelry to meet expenses, after failed attempts at starting a home business and finding another job. “A gold loan is after all a debt that I am taking on,” he said from his hometown in the coastal state of Goa. “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. In rural India, the biggest bullion buyer, a brutal new wave of the virus has had a catastrophic impact on the economy and incomes. With fewer banks around, people in rural areas rely on gold in times of need as it can be easily liquidated.

Paul fernandesJames joseChirag shethManappuram finance ltdWorld gold councilMetals focus ltdLondon based metals focusZaveri bazaarWorld goldMetals focuபால் பெர்னாண்டஸ்ஜேம்ஸ் ஜோசேசிராக் உறைமனப்பூறம் நிதி லிமிடெட்உலகம் தங்கம் சபைஉலோகங்கள் கவனம் லிமிடெட்