Last Saturday (14 November) saw Hindus, Sikhs and Jains worldwide celebrate Diwali, the festival of lights - and it usually represents the peak of global gold demand.
It is estimated that Diwali accounts for about one fifth of annual gold purchases in India - more than at any other time of the year, and now beaten only by Chinese New Year as the world's single-largest gold buying event. This year, demand is expected to be significantly lower. According to the latest data released by the Word Gold Council, global demand for gold fell by 19% in the third quarter - the lowest level since Q3 2009. The reason for this is consumers and investors continue to struggle against the effects of the pandemic. The global slump in consumer demand for gold was com...
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