REUTERS - India's festival and wedding season is under way and continues till November.
Gold sales are expected to fall 40 percent this festival season to 200 tonnes.
Gold priced in rupees has hit record highs. Imports have already halved so far this year and a likely drought could further dent rural demand.
Rural areas contribute to about 60 percent of the country's demand.
Spot gold - priced in dollars - is up nearly 3 pct so far this month.
Also Read
Demand has been boosted by growing expectations of Fed QE and ECB govt bond buying.
However, without physical demand from the world's top consumer, prices may not rally much further.
Gold jewellery demand: http://link.reuters.com/gyg89s
Gold price QE timeline: http://link.reuters.com/byw79s
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app