Gold Rush in India Despite Record High Prices

Source: Moneycontrol (8/11/11)

"Record high gold prices have not dented India's demand for the precious metal."

Moneycontrol

An hour's drive from downtown Mumbai, a two-hour long wait, metal detectors and body frisking didn't deter thousands of people from turning up to buy jewelry at a fair on a recent Friday.

Record high gold prices have not dented India's demand for the precious metal.

The annual event in the suburb of Goregaon offered consumers the chance to buy jewelry at wholesale prices from 1,600 stalls run by jewelers from across the globe.

With the festive season marked by Diwali, considered the financial New Year by many Indian businesses, around the corner, consumers are rushing to make their annual jewelry purchases, fearful prices will go up further. . .View full article

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