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Gold’s Slump Boosts Indian Buying Ahead of Wedding Season

  • India’s imports jumped 41% in February to a 15-month high
  • Jewelers optimistic on wedding season, Akshaya Tritiya demand
The Festival of Dhanteras, India's Biggest Gold-Buying Day of the Year
Photographer: Dhiraj Singh/Bloomberg

Indian gold buyers sidelined for most of the past year due to surging costs are now snapping up bullion as a drop in prices unleashes pent up demand.

Benchmark gold futures in India have tumbled about 20% from a record in August last year, mirroring a decline in the global benchmark as haven demand wanes. In a sign that demand is picking up, imports into the country jumped 41% in February from a year earlier to the highest since November 2019, according according to a person with knowledge of provisional finance ministry data, who asked not to be identified as the information isn’t public.