Additionally, illegal gold imports have surged dramatically following a government duty hike, highlighting a shift towards unofficial channels. India’s gold market is facing an unusual slowdown just as the country enters its biggest festive and wedding shopping period. Despite Dhanteras and Diwali traditionally bringing strong. The country, the world’s second-largest gold consumer after China, faces rising living costs following the Iran war, while a weak monsoon could dampen rural demand for jewellery.