Gold consumption last year dipped 3% from 2022, with purchases in the festival October-December quarter declining 4% over the same period a year ago. Demand during January-March ought to be slow, with fewer wedding dates. By the time summer demand sets in, interest rate movements may make bullion dearer. Subdued demand in the world's second-largest retail market for gold will have some effect on prices. Rural incomes have to revive more emphatically before rise in gold prices can be absorbed to increase consumption.
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