Gold Market Shines Bright During Dhanteras Festivities

Gold demand surged during Dhanteras, buoyed by reduced import duties and growing consumer preference for high-purity products. This trend is expected to continue into the wedding season, driven by cultural traditions and the metal's investment appeal, making India a top gold consumer worldwide.

The demand for gold has seen a remarkable increase during the Dhanteras festival, attributed to a recent reduction in import duties and enduring buying patterns, according to a senior official from MMTC-PAMP.

MMTC-PAMP Managing Director and CEO Vikas Singh informed PTI that market sentiment for gold is strong this Dhanteras season. The reduction in import duties from 15 percent to 6 percent has significantly boosted festival purchases, with a noticeable consumer preference for high-purity gold products.

Singh projected that this positive momentum would extend into the impending wedding season, vital to India's annual gold consumption, while acknowledging the year-round cultural demand for gold. India remains one of the world's leading gold consumers, driven by cultural, religious, and investment factors.

(With inputs from agencies.)