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Friday, 30th October 2009 (4685 views)

New figures have revealed that Indian gold imports surged by 72 per cent between August and September as a result of higher demand ahead of the festival season.

According to the Bombay Bullion Association, imports rose from 21.8 tonnes in August to 37.5 tonnes last month, the Economic Times reports.

The increase came after August's gold imports almost tripled compared with July.

Suresh Hundia, director of the Bombay Bullion Association, said: "The volume of shipment increased due to festive season demand, starting with Durga Puja and Navratri and followed by Dhanteras and Diwali."

Despite this, he told Bloomberg that it is likely gold imports are still lower than they were a year ago as a result of high prices.

Indian jewellers and banks recently reported a surge in gold coin and bar sales as consumers looked to invest in the precious metal on Dhanteras, which is seen as a particularly auspicious day for such purchases.

 

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