Seasonal demand for gold in India plummeted amid rising prices for precious metals


Gold buyers in India, in spite of the approaching season of festivals and weddings, have postponed the purchase of the precious metal due to the internal price increase. High prices have reduced the demand for gold, despite the discounts offered by dealers to the maximum value of $7 per troy ounce since mid-June. Buyers are waiting for adjustments, and jewelers predict poor sales even during the festival period. Weak demand for gold is also noted in China, where prices rose by $70 per ounce compared to August.

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