Lunar New Year holidays halt Asia gold demand

“Many jewellers were not buying before the budget, anticipating change in duty structure. These jewellers are making purchases now,” said a Mumbai-based bullion dealer with a private bank.

MUMBAI: Top Asian hubs saw muted demand for physical gold last week in the wake of Lunar New Year holidays, while demand slightly improved in major consumer India as jewellers raised purchases for the wedding season.

“Many jewellers were not buying before the budget, anticipating change in duty structure. These jewellers are making purchases now,” said a Mumbai-based bullion dealer with a private bank.