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Wednesday, 12th September 2007 (5555 views)

The festive season in India is raising demand for gold, it has been reported.

According to Reuters, ahead of the beginning of the country's next festival - Ganesh Chaturti - on September 15th, consumer demand for gold is growing.

Rahul Gupta of Delhi-based PP Jewellers told the news provider: "The demand has improved as people have started buying for the festive season."

However, the report added that consumer enthusiasm for gold tends to be at its highest ahead of the Dussera festival in October and Dhanteras in November.

Rajiv Popley of Mumbai-based jeweller Popley & Sons, told Reuters that some consumers may have postponed their purchase of gold until the Ganapati festival, pointing out that "this is the season one has to buy gold irrespective of the price".

The country's festival season begins at the end of August with Rakhi, highlighting brother-sister bonds, ending in November with Diwali, the festival of lights.

Last year, India's gold consumption more than doubled prior to Diwali, according to the president of the Bombay Bullion Association.

 

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