Physical gold was sold at a premium in India this week for the first time since mid-August as jewellers stocked up, hoping key festivals would bring customers back to stores. Indians will celebrate Dussehra in late October and Diwali and Dhanteras in November, when buying gold is considered auspicious. “Industry is banking on festivals for demand revival. Jewellers would be happy even if they manage to sell 50% of the last year,” said a Mumbai-based dealer with a bullion importing bank. Dealers charged premiums of $2 an ounce over official domestic prices, inclusive of 12.5% import and 3% sales levies, versus last ... (full story)