India’s festival of lights is bringing little cheer to jewelers in the world’s second-biggest gold consumer. With less than a month to go before the Hindu festival of Diwali, a period when gold purchases typically peak, jewelers are lining up promotions to get buyers through the door as a rally in prices coincides with a collapse in consumer demand for everything from 7-cent cookies to cars. Gold has soared in 2019, hitting a six-year high in dollar terms, as investors fret about the impact of the trade war, central banks cut rates and exchange-traded fund holdings surge. In India, where prices hit a record in ... (full story)