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Indians are usually the biggest buyers of gold in the world and from October to December, the calendar is full of festivals and weddings, creating many opportunities for people to flaunt their

The higher prices have taken some of the sheen off Indians' age-old fascination with gold as an investment against inflation -- currently near double-digits -- particularly as a lot of cash is tied up in laggard equities and real estate markets.

Some analysts said that gold could be vulnerable to future sell-offs as it has appeared to lose its safe-haven investment appeal amid economic uncertainty. A poor technical outlook could also limit bullion's gains.

Although gold is regarded as a safe haven asset to shield investors in times of uncertainty, it has increasingly become prone to pressure from selling in the wider financial markets as investor sentiment remains fragile.


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