Resilience and better financial positions built over past years will shield miners, Fitch says.

Many jewellers have announced plans to sell gold online on the festival and deliver it after the lockdown is lifted.

Total production declined to 18,216 gold-equivalent ounces, compared to 20,287 in the same period last year.

Gains in coming days would extend the advances of the past two weeks, spurred by optimism of a coronavirus treatment and the prospect of a staggered reopening of the U.S. economy.

Demand has been hit by slowdowns in the construction, automotive and rail sectors as India fights the coronavirus with a protracted lockdown.