Goldman Reiterates $5400 Gold Target As India Curbs Trigger Bridal Jewelry Panic-Buying

Who could have seen that coming?

Following the collapse of India's currency over the last couple of weeks (due in large part to the world’s third-largest oil importer being hit hard by the inflationary shock caused by energy disruptions in the Persian Gulf, driving sharp FX outflows, pushing the rupee down to a record low and prompting the Reserve Bank of India to step in and sell dollars), PM Modi initially urged citizens to forgo gold purchases as well as unnecessary foreign travel in order to help hold up the currency.