With demand falling, retailers offer gold to Indians for as little as Re 1

Indians are buying gold for as little as one rupee (1 cent) as retailers offer online sales in bite-sized portions to prop up shrinking demand in the world’s second-biggest consumer.

Demand for gold is falling, partly as a result of government measures, higher local prices and the metal’s fading appeal among more youthful customers. That’s forcing jewelers to adapt online purchases to appeal to a more internet-savvy, younger population.

“A lot of people have been buying at one rupee,” according to Gaurav Mathur, managing director of digital platform SafeGold, which has partnered with payments apps such as Flipkart Online Services Pvt.’s PhonePe