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(Kitco Information) India is prone to see a robust restoration in gold jewellery demand within the subsequent six months, says BMO Capital Markets citing Metals Focus. “India will embark on a 6-month lengthy festive season from October onwards that ought to see a major rebound in gold jewelry consumption and narrowing Indian gold reductions,” writes BMO’s commodities analyst Colin Hamilton. India’s jewellery demand plunged 60% year-over-year within the first half of 2020 because of the results of the COVID-19 lockdowns, which pushed native gold costs into a pointy low cost. With the competition season simply across the nook, “Metals Focus studies that rising enquiries from retailers and producers means they now mannequin the low cost to be within the area of $17/oz (from $60/ouncesin early September). Whereas they see this narrowing additional within the coming months as consumption rises, reductions are prone to persist till year-end, with COVID-19 disruptions nonetheless ongoing and shopper sentiment remaining weak,” provides Hamilton.
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