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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


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