“Until now, the gold demand was very low because of the season,” said Rahul Gupta, managing director of P.P Jewellers, a leading jewelry retail chain in India. “Demand has picked up noticeably as the common man thinks prices have bottomed out.”

“There’s absolutely been some bargain hunting,” he said. “I think sentiment has now changed. Gold had been running between two very straight train tracks, and breaking out of that band has made people think about purchasing.”