Gold’s Price Surge Skews Inflation Numbers Across Asia

Central Bank Policy

 

ICICI’s Prasanna said that, pending any reweighting, the Indian central bank needs to “look through” gold’s effect when assessing inflation and monetary policy.

In South Korea, the price of a 3.75-gram ring for a first-birthday gift has soared to a record of 298,000 won ($258), according to data on the website of the Korea Jeweller’s Association, Inc.

In Seoul yesterday, housewife Kim Geum Ja, 66, said that while she doesn’t know much about consumer-price indexes, “what I can say is that the current Dol ring price is very expensive and people are trying not to buy.” At the same time, “some people have to buy anyway, so that’s quite burdensome,” she added.

Kim said she hasn’t yet decided whether to purchase a ring for her youngest grandchild’s first birthday in November.

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