The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Wednesday, 21st October 2009 (3485 views)

Sales of gold items surged by over 30 per cent in the Indian city of Kolkata during the Dhanteras festival on October 15th, according to local banks.

The State Bank of India said that it had seen a 50 per cent leap in gold coin sales, while ICICI Bank registered a 20 per cent year-on-year increase in gold transactions, the Times of India reports.

Dhanteras is one of the key dates in the run-up to Diwali, which took place last Saturday for most Hindus.

It is seen as an auspicious day for buying gold and making other investments, hence the rise in sales of the precious metal.

"Gold sales [have] been increasing in the last few years in the city, but it was unprecedented this year," one official at the State Bank of India said.

Last week, the Economic Times reported that consumers in New Delhi and the surrounding area were expected to spend 650 million rupees (£8.7 million) on gold during Dhanteras.

 

« Back to Gold News stories