Indians’ long-standing affinity for gold was put to a severe test in the first half of this year. A mix of sharp price swings due to the conflict in West Asia and higher import duties kept many away. Now, with Adhik Maas ending on June 15 and prices cooling, the crowds have returned to the fancy air-conditioned showrooms. But analysts warn that this spark is less of a full recovery and more of a temporary reprieve.
“The Adhik Maas period typically brings a temporary moderation in jewellery purchases, as many customers defer auspicious buying until the period concludes,” Dr Joy Alukkas, Chairman and MD of the Joyalukkas Group, told ET Online in an email response.
