India Gold market cautiously optimistic with approach of festive and wedding seasons
The Indian gold market is cautiously optimistic as we approach the festive gold-buying season. Higher prices continue to weigh on gold jewelry demand even as they support investment purchases. Meanwhile, wedding buying appears “resilient,” according to the World Gold Council. India ranks as the worlds second-largest gold market. Gold prices surged in August before pulling back in the early weeks of September. Gold prices recorded one of their strongest monthly gains in nearly three decades in August. The London Gold Price PM rose 13 percent, ending August at $4,386 per ounce. That was slightly lower than the 14 percent gain recorded in January. However, the Feds September rate hike and another spike in oil prices created headwinds for gold in the first two weeks of September, causing a sharp price drop. Discover more FINANCE Financial literacy course Blockchain news subscription Gold was up 12 percent in rupee terms last month, closing August at ₹158,854 per 10 grams. The price fell 4.6 percent through the first two weeks of September. According to the World Gold Council, gold continues to trade at around 2 percent below import parity. This indicates local supply is adequate compared to demand. Discounts widened from an average of $34 per ounce in July to $51 in August. The discount









