Higher gold prices hit festive sales
The Economic Times of India reports higher gold prices have slowed a generally robust festival demand in Indian spot market.
MUMBAI: While traditionally festival season starting from Daserra to Diwali have been perceived to be an auspicious time to buy gold, peculiarly higher prices have tamed the demand outlook this year.
President, Bombay Bullion Association, Mr. Suresh Hundia says:
“Demand from Indian consumers in this festive season is comparatively lacklustre. In fact, there has been an increase in selling queries from investors who want to take advantage of higher prices by selling a part of their physical holding.”
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Fri, Oct 10, 2008
Post by Melissa Pistilli, Gold Senior Reporter