India's festival gold sales to shine less brightly this year, says WGC

India’s gold sales during the festival period that ends the year may shine less brightly after a massive jump in 2021, and customers won’t be rushing to stores this time around, according to the World Gold Council.
 

Demand for gold jewelry, coins and bars typically peaks in the world’s second-biggest consumer over October to December, driven by festivals including Diwali that starts next week and the spate of weddings that follow. Jewelry sales nearly doubled in the final quarter last year as consumption revived after two bleak years dominated by the pandemic.

Indians bought a record 344 tons of gold