India, the world’s biggest consumer of gold after China, increased the import tax on the precious metal for the first time since 2013, spurring domestic prices to a record. Shares of jewelers slumped.
Wedding Season
Gold Price Dip Attracts Buyers Amid Wedding Season
Physical gold demand improved this week in India as a correction in local prices attracted buyers, particularly with the wedding season underway, while premiums in China rose on steady buying in the world’s leading consumer.
Gold Prices Edge up on Wedding Season Buying
Gold Silver Reports – Gold prices recovered by Rs20 to Rs30,520 per 10 grams at the bullion market on Wednesday on wedding season demand along with a firm trend overseas. Silver, however, fell further by Rs200 to Rs40,000 per kg due to reduced offtake by industrial units and coin makers.