NEW DELHI—In the downtrodden gold market, demand is picking up in an important corner: India.
The world's biggest consumer of the precious metal is expected to ramp up its demand for gold by 150% in the three months ending June 30, compared with the year ago, according to estimates by the World Gold Council, a mining-industry group.
That potential jump, which is supported by trends in government data, is even bigger than many gold bulls had expected. It also is an indication that the drop in prices is stoking more than a temporary increase in gold purchases in India, where bustling shops and bazaars ply consumers with jewelry and trinkets that are an integral part of weddings and religious festivals.
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