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Gold demand picks up in India over wedding season, subdued elsewhere

Gold is an essential part of the bride's dowry in India and also a popular gift from family and guests at weddings

Reuters  |  MUMBAI/BENGALURU 

Gold discounts in India narrowed this week on an improvement in demand for weddings and hopes that retail purchases will rise next month on account of a key festival, while demand in the rest of Asia remained subdued due to higher prices. Dealers in India were offering a discount of up to $3 an ounce over official domestic prices this week, down from $7 discount last week, the highest in 6-1/2 months. The domestic price includes a 10 percent import tax. "Retail buyers are making purchases for weddings. This will gain momentum in coming weeks," said Daman Prakash Rathod, ...

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First Published: Thu, March 29 2018. 17:55 IST
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