India gold demand (Diwali)

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Hajis will walk around barefoot dressed in a sheet and stick weld without a mask just to save a few.gold beads.
 
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Despite record high prices, consumer buying during Diwali was strong in both gold jewellery and bars and coins.5 Markets and media reported higher footfall at jewellery stores and robust buying of coins via online as well as offline platforms. Promotional events and marketing campaigns undertaken by jewellers to lift sales.6 The price increase since Diwali 2023, has enhanced consumer sentiment, positioning it as a long-term investment. And volatility in domestic equity markets, coupled with rising international prices, has added to gold’s investment appeal. Anecdotal reports suggest that auspicious ‘token’ purchases were rather broad-based, spanning regions and demographics.

Despite a y/y drop in the volume of gold sold,7 the value of sales increased, driven by the higher price.
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India’s gold market update: Festive buying holds ground in the face of high prices

Despite record-high prices Diwali gold demand was healthy, with strong sales driven by investment appealIndian gold ETFs continue to attract strong interest from investors, with October seeing the largest inflows on recordThe Reserve Bank of India (RBI) has purchased 78t of gold to date this...
www.gold.org www.gold.org
 
The country's gold imports in November reached a record high of $ 14.86 billion, registering a four-fold increase, mainly on account of festival and wedding demands, according to commerce ministry data.

Gold imports stood at $ 3.44 billion in November 2023.

Cumulatively, imports during April-November this fiscal year rose 49 per cent to $49 billion as against $32.93 billion in the same period last fiscal year.
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In the Budget, the government slashed the duty from 15 per cent to 6 per cent.

India's gold imports, which have a bearing on the country's current account deficit (CAD), surged 30 per cent to $ 45.54 billion in 2023-24.
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