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India jewellers hold off gold buying, betting prices will drop

AI Market Summary
Indian jewellers are deferring gold purchases ahead of the festive season, citing high import duties and softer demand. The pullback signals weaker physical demand from a major consumer, potentially weighing on Q4 imports and near-term gold sentiment.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+1.42%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Indian jewellers are delaying gold purchases ahead of the festive season, betting that prices will fall further after dropping below $4,000 an ounce. MMTC-PAMP India says large jewellery chains remain cautious, while higher import duties, subdued rural demand and tighter import rules are expected to weigh on gold demand and imports during the October-December quarter.
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