Indians Rush to Buy More Gold During Festive Period

Mineweb reported that the Diwali festival has fuelled physical gold sales in India despite rising prices.

As quoted in the market news:

Public sector banks and private banks too decided to honour the ocassion by selling gold coins and gold biscuits from specially designated counters. Several people from the corporate world prefer to buy gold coins from banks since they are assured of purity and get a certificate of the exact caratage.

Jewelry retailer Sunderlal Singh said:

“We were under the opinion that high prices and fluctuations in the price of gold would deter many consumers. But they have made a beeline to jewellery stores and sales have been brisk especially in North India.”

Click here to read the full Mineweb report.