Biggest gold buying day in India off to slow start

New Habib Jewels collection, Oro Italia 916 gold and rose gold rings, bracelets and bangles for Deepavali 2019.

MUMBAI: Gold sales on the most auspicious day in India to buy the metal tumbled this year as high prices and concerns about an economic slowdown saw customers limit purchases.

Prices in the world’s second-biggest gold consumer remain near the record reached last month, while the country’s growth has slipped to a six-year low, unemployment is rising and a lending crisis is affecting cash flow. India’s gold imports fell for a third month in September to the lowest in more than three years as jewelers cut purchases on poor demand.