During the five day festival of Diwali which was recently celebrated in India, the sales of gold across the country was good.
Gold sales was about 20 percent higher compared with last year,” Bachhraj Bamalwa, director at the All India Gems and Jewellery Trade Federation
Dhanteras, associated with Lakshmi – the goddess of wealth, and Diwali, the festival of lights, are both considered auspicious to buy gold.
On such occasions, people buy gold goings, gold biscuits, gold jewellery or these days gold ETF’s and gold saving funds.
People who cannot buy gold opt for silver and hence silver prices also move up during this festival.
“This year prices were low, sentiment was good and we have a stable government in the centre; all of these helped boost sales,” Bamalwa said further.
In anticipation of strong demand during Diwali, India had imported $3.75 billion worth of gold in September 2014 – a 450 percent jump from the same period last year.
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