47: Will Diwali purchases spike gold demand in India?

Demand for gold dropped to 892 tons in July-September period, as consumers and investors continued to battle the effects of the global pandemic. Although jewelry demand improved from the previous three months record low, the combination of continued social restrictions, economic slowdown and a high gold price was a hindrance for many jewelry buyers. Between January and end-September, the US-dollar gold price had increased by 25%.  According to World Gold Council data India’s demand for gold fell 30% to 86.6 tons in July-September. So, will gold demand in India revive as Diwali, Dhanteras and other festivals along with wedding season post-harvest typically see increase in gold purchases. My guest today is Somasundaram PR, MD, World Gold Council India.