Diwali gold-buying frenzy missing on key day for Indian demand

Woman looks at a gold necklace at a jewellery showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, amidst the spread of Covid-19 in Kolkata. Credit: Reuters Photo By Swansy Afonso

Gold jewellery stores in India this year were less busy on the most auspicious day to buy the precious metal as higher prices and the impact of the coronavirus on incomes and fears of the pandemic kept consumers away.

India’s gold shopping peak typically comes ahead of Diwali, or the Festival of Lights that’s celebrated on Saturday by the country’s more than 900 million Hindus. Referred to as Dhanteras, the day is considered a blessed time to buy gold, cars and major appliances or to start new ventures, and the festival is associated with wealth and prosperity.

Many stores remain open until midnight the day before Diwali, when jewellers offer huge discounts and freebies and some […]

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