The global aviation body says it will take longer for airlines to fill planes again - revising its earlier more optimistic forecasts.
Indians spend billions buying the precious metal as a status symbol, dowry for daughters, investment and a gift to temples.
A host of measures including the mandatory wearing of gloves and masks are to be introduced as authorities gear up to allow air travel.
Tourists will eventually flock back - but with masks, sanitisers and perhaps a lot of anxiety.
With businesses shut and travel restrictions in place, countries and households most dependent on money from overseas are at risk of facing poverty.
Demand for fossil fuels has plunged amid the widespread lockdowns and traders are finding it difficult to store the oil flooding the market.
The unprecedented contraction of the global economy due to the coronavirus lockdowns has led to comparisons between today and the crisis seen in the 1930s.
So far 631 people have died from Covid-19 and 10,149 have been infected in just over two weeks in Italy. Meanwhile, Iran reports highest one-day death toll of 54 more people.
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