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Gold demand slumps as prices rise during peak wedding season

India's gold consumption is likely to drop to its lowest in eight years in 2017

Reuters  |  Bengaluru l Mumbai 

Demand for physical gold in Asia remained tepid this week as high prices kept buyers on the sidelines despite the start of the wedding season in India. Gold is considered an essential part of weddings in India, the world's second-biggest consumer of the metal after China, and it is a popular gift for special occasions. "Wedding season has started, but demand is poor compared to last year," said Ketan Shroff, managing director of Mumbai-based bullion dealer Penta Gold. "Retail buyers are waiting for a correction. Jewellers need to replenish inventory but, ...

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First Published: Fri, November 10 2017. 19:23 IST