India's gold demand weakens: buyers stay on the sidelines amid sharp price fluctuations, jewelers stock cautiously

(1) This week, gold demand in India was relatively weak, as sharp fluctuations in gold prices led consumers to reduce purchases. The domestic gold price in India was around 150,900 rupees per 10 grams on Friday, while last month the gold price once surged to 164,773 rupees per 10 grams, reaching the highest level in nearly six months. (2) A gold trader from Chennai stated that gold prices have experienced significant volatility over the past month. With the current price correction, buyers are temporarily adopting a wait-and-see attitude, hoping to enter the market after a further price decline. (3) A gold trader at a private bank based in Mumbai said that jewelers are starting to adopt a cautious attitude toward the upcoming festive season's demand and are also unwilling to build up large inventories.