Gold enters consolidation phase after retail buying surge. Jefferies reports that gold demand from retail investors has moderated significantly across major markets including India, China, and the United States. India's gold imports fell sharply to 3.1 billion dollars in March from 12.1 billion in January, signaling weakening momentum. The firm describes this as a healthy consolidation period following the earlier retail-driven rally. Meanwhile, gold mining companies are maintaining disciplined capital allocation, prioritizing shareholder returns through dividends and buybacks rather than aggressive expansion. The sector has recorded ten consecutive quarters of strong average gold prices with many companies operating debt-free.
