Bigger jewelry makers typically step up purchases when prices start rising to lock in supplies before they become more expensive.

Indian jewellers are delaying gold purchases ahead of the festive season, betting that prices will fall further after dropping below $4,000 an ounce. MMTC-PAMP India says large jewellery chains remain cautious, while higher import duties, subdued rural demand and tighter import rules are expected to weigh on gold demand and imports during the October-December quarter.

Despite a 24% plunge in gold prices since the Iran war began, India's major jewellery chains are delaying purchases ahead of Diwali, expecting further declines, MMTC-PAMP says.

Larsen & Toubro reported a quarterly net profit increase of 33% amid strong order inflows and infrastructure spending. Revenue for the quarter rose 16% year-on-year, reaching ₹78,750 crore, driven by progress in various projects. The company secured orders worth ₹1,47,665 crore during the quarter, marking a 28% year-on-year growth. International orders accounted for 63% of total order inflow, showcasing the company's strong performance.

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Headline inflation has risen to 4.3 per cent, higher than economists had expected, ahead of the RBA’s second-last rates decision of the year.

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