“There hasn’t been any rush to buy and people will wait 15 to 20 days to see how prices behave,” Choksi told Bloomberg.. “It’s the lean season for demand. For gold, the real demand will start from August-September onwards with the start of the marriage and festival season.”
According to the World Gold Council, India imported 891.5 tons of gold last year while demand was 811.1 metric tons. The council believes consumption will increase to between 900 tons and 1,000 tons this year.
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Max Chen contributed to this article.