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Gold demand slumps as prices rise, seasonal consumption slows in India

Dealers in India offered discounts for gold, as the absence of key festivals kept demand subdued

Reuters  |  Mumbai/Bengaluru 

Gold demand in Asia eroded this week due to higher prices with a seasonal slowdown denting the lure for the precious metal in second-biggest consumer India. Dealers in India offered discounts for gold, as the absence of key festivals kept demand subdued, especially as the wedding season has passed. "Every year, demand remains weak in July. There is no major festival this month. Wedding season is almost over," said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city Kolkata. "For the next three to four weeks, demand will ...

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First Published: Fri, July 21 2017. 19:37 IST
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