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Market Chatter: Titan Expects Short-Term Slowdown if Indian Government Curbs Gold Buying

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Indian jewelry major Titan (NSE:TITAN, BOM:500114) expects a temporary demand slump if the government proceeds with any policies to rein in gold buying, Bloomberg News reported Tuesday, citing the company's finance chief.

The firm expressed optimism that domestic consumption will remain resilient over time and expects no supply disruption for as long as four months, Titan Chief Financial Officer Ashok Sonthalia reportedly said in a Bloomberg interview.

Indian Prime Minister Narendra Modi called on citizens to avoid purchasing gold for a year to protect foreign exchange reserves, according to the report.

Titan's shares were down over 2% in recent trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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