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During the early waves of the pandemic in 2020, Indian authorities instituted stringent lockdowns, affecting gold demand during the wedding season and significant festivals such as Akshaya Tritiya, when purchasing gold is considered auspicious.
In India, gold is considered a vital portion of the bride’s dowry and is also a common wedding present.
Ajmera observed that a price adjustment early last year made gold more accessible for retail buyers in India.
In August 2020, local gold prices reached a record high of 56,191 rupees ($754) per 10 gram, but went down to 43,320 rupees in March 2021, when monthly imports reached a record 177 tonnes.
According to a government official, India imported 86 tonnes of gold in December, somewhat more than the 84 tonnes imported the previous year.
Rising coronavirus cases have prompted local authorities to impose limitations on gold imports, according to a Mumbai-based bullion trader.
“Lockdowns are a source of concern for jewellers. They have reduced their purchases “explained the vendor.