The wedding season and subdued gold prices have boosted demand for the precious metal in India, signaling possible recovery for the market which saw a massive 30-percent drop in the previous quarter.

Indian jewelers have been rushing to replenish stocks after witnessing good demand during the Diwali festival, that took place in mid-November this year, Reuters reported, citing a Mumbai-based dealer with a bullion importing bank.

The positive trend might have also been driven by the deferred demand effect. Another bullion dealer told Reuters that customers were making purchases for weddings after postponing them in the last few months as the country imposed strict lockdowns to contain Covid-19. (RT)