NEW DELHI, INDIA, October 13, 2006: The famed Indian appetite for gold is being manifest with renewed vigor this season as a surge in festival demand and a recent fall in prices has fueled a virtual gold rush in the market. The current upward trend has particularly been underlined by the country’s top bullion trader MMTC Ltd’s business outlook for its annual Festival of Gold exhibition, which is expecting a jump of 40 per cent over last year’s sales. “The response this year has been good so far and the coming weekend is expected to bring even more business,” MMTC Chairman and Managing Director Sanjiv Batra said. The festival period, particularly highlighted by the forthcoming Divali – traditionally considered to be an auspicious time to purchase gold, and the upcoming marriage season is further adding to the already high demand for gold and jewelry products. India, which accounts for 20 per cent of the world’s total gold jewelry demand, is the largest consumer of the precious metal followed by China and Japan.
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