Indian Festival Season Boosts Gold Sales
Source: Reuters (10/24/08)
Indian jewellers have sold more than 50 tonnes of gold in the last 20 days, the peak festival season, two-thirds more than in the same period last year, the All India Gems and Jewellery Trade Federation said on Friday.
Gold sales in India surge ahead of the Hindu festivals of Dhanteras and Diwali being celebrated next week.
The data from the trade body was based on a survey of 1,400 retailers across 217 cities in India.
"This increase in demand can be attributed to consumers' belief of gold being the only safe investment in the current global market scenario," the trade body said in a statement.