Weddings boost Indian demand; activity muted in other hubs
Demand in India, the second biggest gold consumer after China, usually picks up towards the end of the year going into the wedding and festival season, when buying the metal is considered auspicious. The current price level was attracting both jewellers and retail consumers, said Daman Prakash Rathod, a director at MNC Bullion, a wholesaler in Chennai.
Local gold prices were trading near their lowest since Oct. 1, as an appreciation in the rupee made buying overseas cheaper. Image source: Reuters