Dealers stocking up for major festival season ahead
A drop in local gold
prices to a three-week low has prompted a wave of buying in India from the beginning of this week, that marks the end of inauspicious shradh paksh. Bullion
dealers and jewellers are stocking gold
at this price for the upcoming festive season. Gold
traders say that in October there has been an increase in demand by 10% compared to the previous month which may go up further if there is a correction in prices going ahead.
Mohit Kamboj, president of Bombay Bullion Association, said: "In the quarter July-September, India had imported 157 tonnes of gold
. We are expecting an import figure of 250 tonnes in the quarter October-December on account of festive season and wedding demand. A fall in prices will be advantageous for the trade."