Indians buy 30% more gold after recent price correction
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Indians bought 30% more gold by volume during the Dhanteras-Diwali period this year.
- ✓The India Bullion and Jewellers Association said consumers purchased 52 tonnes of gold worth ₹72,000 crore.
- ✓Prices fell from a peak of ₹1.8 lakh to ₹1.42 lakh per 10 grams, which encouraged many buyers to return.
Story at a Glance
- Category
- Indian Markets
- Reported By
- The Economic Times
- Reading Speed
- 5 Minute(s)
- Market Focus
- India Economy
Kolkata: Indians stepped up purchases of precious metals during the Dhanteras-Diwali period despite elevated prices, with gold buying rising 30% by volume and silver demand increasing 10% over the same period last year, according to the India Bullion and Jewellers Association (IBJA). Jewellers said this signalled a revival of demand ahead of the crucial wedding season.
As per the industry body, consumers bought 52 tonnes of gold worth ₹72,000 crore and 300 tonnes of silver valued at ₹5,400 crore during this year's Dhanteras-Diwali. The surge came after gold prices corrected from a peak of around ₹1.8 lakh to ₹1.42 lakh per 10 grams, encouraging buyers to return to the market. Advance purchases for the wedding season, which begins in mid-November and continues until March, also contributed to the increase.
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The Economic Times
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