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Indian Gold demand picking up ahead of Festival season

iconOct 24, 2016 12:59
There are increasing signs that Indian gold demand is picking up, said analysts at Commerzbank.

INDIA October 24 2016 9:11 AM

NEW DELHI (Scrap Register): There are increasing signs that Indian gold demand is picking up, said analysts at Commerzbank.
According to industry sources, gold imports in October could total 60 to 70 tons, which would constitute the highest import volume since January, the bank says. “Demand for gold is picking up at present because of the festival season.” 
Analysts said Dhanteras and Diwali, to be celebrated at the end of the month, are two of the most important Hindu festivals and a time when gold is traditionally given as a gift.
The bank also cited signs of improving physical gold demand in India, including increased shipments to the country from Switzerland and a premium in Indian gold prices.

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