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Gold Demand in India Seen Best in a Decade in Festival Quarter

The Festival of Dhanteras, India's Biggest Gold-Buying Day of the Year
Photographer: Prashanth Vishwanathan/Bloomberg

Gold consumption in India will probably be the best in at least a decade in the current quarter as buyers stocked up for festivals in November and the peak wedding period that followed, according to the World Gold Council.

Indians buy gold ornaments to wear and gift during weddings as the precious metal is considered auspicious and a bringer of luck and prosperity. People were also encouraged to flock to jewelery shops by a recovery in consumer confidence as the economy gradually emerged from the pandemic.