Gold Prices Extend Slide as Indian Buyers Hold Back Ahead of Diwali
AI Market Summary
Gold has slid below $4,000 an ounce, down roughly 24% from its January peak, as Indian demand stays subdued after the May import duty doubled to 15%. With Diwali-quarter shipments projected near 106 tons, about half the historical average, the key physical buyer is absent precisely when demand should peak. This reinforces near-term downside pressure on gold pricing and sentiment.
Impact level
● High
Affected assets
NCCOGOLD2USD/USDT-0.11%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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India, the world's second-biggest gold consumer, more than doubled its import duty to 15% in May. Shipments from October through December may total only about 106 tons. That would be roughly half the historical average for the same period.
