Sachin Jain, Regional CEO, India, World Gold Council said, “We’ve seen an increase in both physical gold purchases and interest in gold ETFs after the recent reduction in import duties.
India’s gold demand is expected to grow in the coming months due to higher rural purchasing power from a good monsoon, the festive season, and government pro-gold policies.
Anecdotal feedback suggests manufacturers and retailers have done new product lines and are prepared to cater to the consumers. The festive and wedding season starting with Navratri will further drive the demand peaking around Dussehra.
Gold purchases are anticipated to be robust during the festive season, symbolising auspiciousness, leading up to Diwali in end October and a busy marriage season from December to February.”
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