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Friday, 30th October 2009 (2390 views)

Gold buying is still at high levels in India as jewellers look to stock up on the precious metal for the wedding season.

Indian weddings traditionally call for gold gifts to be made to the bride and with the festival season seen as an auspicious time to get married, purchases are still going strong in the aftermath of Diwali.

"Deals are happening and it has been a good day so far for us; [jewellers] want to stock [up] now after [a] good Diwali and Dhanteras," a bank dealer told Reuters.

Chinese gold buying is also up as a result of purchases being made for weddings.

Hong Kong Resources Holdings chairman Kennedy Wong recently told Bloomberg that gold jewellery sales in the country could see double-digit growth by the end of the year.

The first nine months of 2009 have already brought a 16 per cent surge in gold sales, he explained.

 

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