Source: in.reuters.com
MUMBAI, INDIA, October 7, 2007: India is nearing its peak gold sales season just as world bullion prices reach their highest ever, testing consumer demand in the world’s biggest buyer.
The biggest gold-buying day of the year, Dhanteras, falls on Oct. 15, when purchasing gold is believed to invoke prosperity. Two days later the festival of lights, Diwali, will also see heavy sales as people worship the Hindu Goddess of wealth, Lakshmi.
But the high prices — around $342 per 10 grams — have tempered sentiment this year, with everyone from overseas suppliers to small jewelers downcast because sales thus far have been poor.
Different trade agencies put India’s imports between 400 and 800 tons of gold a year.