India’s gold demand has undeniably been weak so far in 2016, but we expect buying to pick up later in the year due to the release of pent-up demand following a jewellers’ strike in Q2 and to the approaching wedding and festival season, which is the time when most of the gold buying usually takes place. While the extent of the gold price rally might have delayed some purchases in the first half of the year, consumers should have adjusted now to higher prices and are likely to start buying again.
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