Hyderabad, October 24: Rising gold prices have not kept buyers away from stores, as sales have shown an upward curve this festive season. Notwithstanding the economic slump, the current festive season has made gold buying special and consumers are flocking to jewellery outlets. Gold sales are the highest in the August to October festival season. Marriages are generally held throughout the year but some auspicious days see a flood of weddings where the yellow metal forms an important part of the bride’s trousseau.
Although the busy season is over after Diwali, weddings scheduled until December are expected to see gold sales continuing in bullion markets. Ajay Mitra, managing director, World Gold Council, Indian Subcontinent, says, “This festive season has proved to be very positive for gold sales as compared to last year. ‘The Great Indian Gold Rush’ has further given consumers a greater opportunity to indulge in gold which is reflected by strong customer response received from the retailers . This increase in demand can be attributed to consumers’ belief in gold as the only safe investment in the current global market scenario.’’ This festive season saw a virtual gold rush with a record volume of 56 tonnes of gold sold between October 12 and 19 across the country, registering a 5.7 per cent increase over the sales reported last year, says Mitra.
–Agencies