Global consumer habits for buying gold have changed: Indian consumers prefer to exchange old for new during festival purchases, and high gold prices are driving silver prices to new highs

Affected by the surge in gold prices, the gold-buying habits of the Indian public during festivals are changing. On the 18th, India welcomed the important traditional festival of Diwali, which lasts for five days. It is customary for people to purchase gold products and other valuable items on this day, believing it will bring good luck. However, this year, gold jewelry sales during the festival have significantly decreased, with many consumers opting to buy gold coins, gold bars, or exchange old items for new ones. According to Reuters, on the 17th, the gold price in India closed at 12,700.8 Indian Rupees per gram, an increase of over 60% compared to last year's Diwali gold price. Industry insiders in India stated that overall gold sales on the first day of Diwali this year decreased by 10% to 15% compared to last year, but due to soaring gold prices, total sales revenue has significantly increased. In South Korea, as gold and silver prices continue to hit new highs, investment demand has surged, leading to major gold exchanges and jewelry stores in Seoul running out of stock, with a four-week wait for orders of 10 grams of gold. Industry insiders in South Korea noted that while gold prices have remained high recently, investing in gold requires a substantial amount of capital, prompting many South Korean consumers to start paying attention to relatively affordable silver and its related products. Recently, silver prices have also reached new highs, with data from the Korean gold exchange showing that on the 17th, the silver price was 2,467 Korean Won per gram, with a cumulative increase of nearly 70% since the beginning of the year, surpassing the increase in gold prices during the same period