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Indians part with family gold as Covid-19 wreaks economic havoc

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₹6,131 crore, up 61% from last year. According to Rajendran, as gold prices dropped from last year’s highs, borrowers were asked to increase collateral or repay some portion of the loan.

Failure to do so has led to lenders putting up auction notices, which Rajendran said, is also used to persuade borrowers to repay. “Once auction notices are put up, we have seen that a significant percentage of borrowers repay as gold has a sentimental value," he said.

Bloomberg Quint reported on 5 May that newspaper advertisements on gold loan auctions have become frequent in the past few weeks.

Gold prices have fallen 15% from the highs of August last year, with 10g of gold now costing ₹47,569, as per MCX Gold Spot data sourced from Bloomberg.India is in.

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