'56 tonnes of gold sold in 8 days this festive season' | business | Hindustan Times
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'56 tonnes of gold sold in 8 days this festive season'

Despite the record gold price, buoyancy continued in the yellow metal during the recent festive season. World Gold Council (WGC) on Friday announced a 5.7 per cent growth in gold sales with a total of 56-tonnes volume sales for the period from October 12-19 as compared to the same period last.

business Updated: Oct 23, 2009 20:32 IST

Despite the record gold price, buoyancy continued in the yellow metal during the recent festive season.

World Gold Council (WGC) on Friday announced a 5.7 per cent growth in gold sales with a total of 56-tonnes volume sales for the period from October 12-19 as compared to the same period last year.

This period covers the auspicious festival of Diwali and other gold buying festivals like Pushya Nakshatra, Dhanteras, New Year Day and Bhau Beej. These days have made gold-buying special and Indian consumers have flocked to jewellery outlets to make their traditional gold purchase.

"This festive season has proved to be very positive for gold sales as compared to last year," World Gold Council, Indian Subcontinent Managing Director, Ajay Mitra, said in a statement here.

This increase in demand can be attributed to consumers belief of gold being the only safe investment in the current global market scenario. "Based on the existing consumer reaction to gold, we are confident that the current trend will continue for the rest of the year," Mitra said.

The figures released by World Gold Council here are based on a study of all the participating retailers across India for The Great Indian Gold Rush.

Gold has a special relevance to the Indeason and this pan-India gold festival ensured consumers were even more conping festival has been instrumental in the growth of gold sales this year as ng response from the consumers, WGC said.

The Diwali week this year witnessed Rs 8,904 crng in a growth of 39.2 per cent over the same period last year. The region-wise region registered 19.6 tonnes of gold worth Rs 3,116.40 crore, followed by crore. The southern region witnessed sales of Rs 1,780 crore and the eastern Rs, gold has been one of the safest investments during times of financial turm, especially in India.

While retailers have confirmed the strong consumer demant retailers conceded that the demand for gold will continue for the coming wn a positive percentage growth in demand for gold this festive season givi has received an overwhelming response to gold this year. The Indian consumeronnection to this auspicious metal during the festive season, WGC said.