India's gold demand loses steam due to high prices
Gold was sold at a discount this week in India for the first time in a month as a rebound in local prices prompted jewellers to postpone purchases, while demand improved in top consumer China due to seasonal buying.
"Jewellers are delaying purchases expecting a correction in prices. The sudden price rise surprised them," said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata. Image source: Reuters