Festivals drive gold to premiums

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Physical gold flipped back to premiums in India this week as key festivals ushered in jewellery buying.

The December quarter accounts for about a third of India’s gold sales as it takes in the start of the wedding season as well as festivals.

“Retail demand has improved to pre-pandemic level,” said Ashish Pethe, chairman of the All India Gem & Jewelery Domestic Council. Dealers charged premiums of up to $2 an ounce over official domestic prices — versus last week’s $2 discounts.

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