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Indian Demand Weak
Demand for gold in India, one of the top buyers in the world, remained subdued on Tuesday after prices moved higher on a weak rupee and chasing a similar trend overseas.
“For the past few days demand was subdued. Jewellers are keeping lower inventory on concerns over demand from rural India due to poor monsoon and higher prices,” said a Mumbai based dealer with a private bank dealing in bullion.
“Investment demand was weak as buyers were not expecting sharp rise from the current level,” the dealer said.
Rural areas, which depend on monsoon rains for agricultural yields and income, contribute to about 60 percent of the country’s demand.
Gold imports have already declined due to doubling of import duty, and the drought could further dent demand from rural areas.
Festival season has started in India, the world’s biggest consumer of the yellow metal last year, last week and will peak in November. Weddings will also take place during this period.