India's gold-buying festival sees tepid demand on price surge
From kitco.com
Gold demand during one of India's key buying festivals stayed muted ​on Sunday as record prices curbed jewellery purchases, offsetting a modest uptick in investment demand. Indians celebrated Akshaya Tritiya, the second-biggest gold-buying festival after Dhanteras, when purchasing precious metals is considered auspicious. "The sharp rally in prices curbed jewellery demand. In ​volume terms, buying was lower as consumers held back, though in ​value terms spending was higher due to elevated prices," said ⁠Amit Modak, chief executive of PN Gadgil and Sons, a Pune-based jeweller. Gold ​prices hit a record high of ...
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