Indian jewellers hold off gold purchases before Diwali, betting on further declines below $4,000 an ounce

Indian jewellers are deferring festive-season purchases after gold fell below $4,000/oz, extending a roughly 24% decline from January's record. With the import duty at 15% and consumer demand subdued, weaker October-December imports would reinforce near-term physical-demand softness in the world's second-largest gold market, adding a bearish demand-side signal alongside macro drivers.