Wednesday, October 29, 2008

Gold Sales Up in India: Cash for Gold

The Times of India reported this week that gold sales in the country are up, amid the high premium spot prices of gold.

The Indian Dawali season is coming up, and it is customary for Hindu Indians to buy the precious metal of gold. Fortunately for Indians, gold prices have declined prior to the beginning of the festive season. The World Gold Council has claimed that 50 tons of gold were sold in the last 20 days in the country.

Gold has been weaker in the international market for a variety of factors.
Many financial institutions are selling gold holdings to gain liquidity in the credit crisis. This has worked out well for Indian consumers, as the precious metal is less expensive at home. As of last Friday, gold rates were down to $699 an ounce before rebounding slightly at $732.

Demand has been so significant in India that many are charging above premiums in order to defend their supply, as Diwali has made supply an issue. The middle class buyer is driving the market because many that normally would not buy gold are buying more this year due to lower pricing.

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