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Gold buyers in India, the biggest market after China, may give jewelry stores a miss in the run-up to the Diwali festival this year because of a surge in domestic prices to the highest level in more than two years.
Bullion has climbed in local markets because of a weak rupee, and rising prices just before the celebrations of Diwali and Dhanteras aren’t good for demand, said Chirag Sheth, an analyst with Metals Focus Ltd. in Mumbai. Plus, “overseas spot gold has, in the last two or three days, shown the first signs of breakout,” he said. “If this trend continues,
