Mumbai, October 31 —
India’s gold market, which witnessed record premiums during Navratri and Dussehra, has turned to discounts as festive demand fades. Dealers are now offering $2–$5 per ounce discounts to official import prices, compared to premiums of up to $12 earlier in October.
The shift signals that jewellery demand has softened after heavy buying in September, while bullion demand remains stable through investment channels. According to the World Gold Council, India’s gold investment demand crossed $10 billion in the September quarter — indicating that gold continues to serve as a strong hedge against inflation and currency risks.
Globally, gold prices slipped slightly on Friday as a stronger U.S. dollar capped gains. However, the metal is still on track for a third consecutive monthly rise, supported by concerns over slowing global growth and geopolitical uncertainty.
Analysts believe the current price correction may be temporary, with renewed buying likely ahead of the wedding season in November–December.