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Gold prices flip to discount on muted wedding season demand

India's gold consumption is likely to drop to its lowest in eight years in 2017, the World Gold Council said last week

Reuters  |  Bengaluru | Mumbai 

Gold prices in India traded at a discount for the first time in six weeks as the key wedding season failed to spur fresh demand, while high prices curbed appetite for the precious metal in major Asian centres except China. Gold is considered an essential part of weddings in India, the world's second-biggest consumer after China, and it is a popular gift for special occasions. Dealers in India were offering a discount of up to $2 an ounce this week over official domestic prices, compared to a $2 premium last week. "After Diwali festival, the market relies on wedding ...

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First Published: Fri, November 17 2017. 16:18 IST