How will higher gold price, COVID-19 impact Diwali’s gold demand?

Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) It’s almost time to celebrate Diwali, known as the Festival of Light, during which it is a tradition to purchase gold. But how will the coronavirus pandemic and high prices dent demand this year?

Diwali always grabs markets’ attention and this year’s celebrations begin on Friday with Dhanteras — the most auspicious day to buy gold jewelry for Hindus, which is dedicated to Lakshmi, the Hindu goddess of wealth and prosperity.

"The ‘Festival of Lights’ goes back thousands of years and marks the start of the Hindu New Year; it is a Lunar Festival and falls either in October or November," said Rhona O’Connell, head of market analysis for EMEA and Asia regions at StoneX. "The first day of […]

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