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Wednesday, 28th July 2010 (681 views)

Demand for gold is expected to increase in India over the next few months, according to experts polled by Reuters.

Amar Singh, head business development and research at Mumbai-based commodity broker Aditya Birla Money, told the agency that he expects summer sales to rise as India's marriage and festival season gathers pace.

One particularly important religious day, the gold-buying festival of Dhanteras, is expected to be a major driving factor for gold demand in the country.

Dhanteras marks the first day of Diwali, the largest festival in the Hindu calendar, and is seen as a prosperous time to buy gold to confer good luck on the household for the new year - which begins the day after Diwali.

In addition, gold gifts are usually purchased for Diwali itself.

Other important gold-buying days in India include Akshaya Tritiya, which is viewed as an ideal day to make new investments and start up ventures.

 

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