Latest News | Gold Demand Strong as Import Duty Cut Boosts Dhanteras Festival Buying: MMTC-PAMP
Get latest articles and stories on Latest News at LatestLY. The gold demand in the country has strengthened during the key festival of Dhanteras, buoyed by a recent reduction in import duties and traditional buying patterns, a senior MMTC-PAMP official said on Tuesday.
New Delhi, Oct 29 (PTI) The gold demand in the country has strengthened during the key festival of Dhanteras, buoyed by a recent reduction in import duties and traditional buying patterns, a senior MMTC-PAMP official said on Tuesday.
"The market sentiment for gold remains robust this Dhanteras season, with sustained demand for our pure gold products," MMTC-PAMP Managing Director and CEO Vikas Singh told PTI.
The reduction in import duty from 15 per cent to 6 per cent has amplified festival season purchases, with consumers showing a strong preference for high-purity gold products, he said.
"Customer preference for quality and purity continues to be a key driver in purchase decisions, particularly for our 24K gold products with 99.99 per cent + purity," Singh added.
The positive momentum is expected to continue into the upcoming wedding season, which traditionally accounts for approximately half of India's annual gold consumption, Singh said.
He noted that beyond seasonal factors, gold demand benefits from year-round cultural practices.
"Traditional rituals during childbirth and naming ceremonies, which can take place any time of the year, continue to add value to this precious metal due to its significance and consideration as a blessing," according to Singh.
India is one of the world's largest gold consumers, with demand driven by cultural and religious factors and investment considerations.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)