Second coronavirus wave stifles gold demand in India

India's physical gold demand faltered this week as strict restrictions to contain the spread of COVID-19 kept buyers away, while activity in other top hubs remained largely muted due to higher prices.

Many Indian states have imposed curbs amid a record surge in infections.

The second wave has been badly affecting demand as many showrooms are closed due to restrictions, said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the city of Kolkata.

"Suddenly, demand has gone down. Consumers are also not willing to step out of their homes due to the coronavirus outbreak," he said.