Gold is the best investment in Dhanteras: World Gold Council

Gold is the best investment in Dhanteras: World Gold Council

Agency News

Kolkata, Oct 25 : "Gold has always been at the centre of festivals and gifting traditions in India," said Somasundaram, Managing Director of World Gold Council India on gold demand this Dhanteras.

"This is particularly so during Dhanteras and Diwali, and the wedding season that follows. Millions of Indians believe that purchasing gold during the auspicious occasion of Dhanteras will usher in wealth and prosperity and the increase in gold prices by over 20pc in the last few months has reinforced this faith, as households that are long term holders of gold have seen their wealth grow by this rise in prices."

"The sharp rise in the gold price and deep discount in the bullion market impacted trade and the consumer outlook in Q3, however, Dhanteras seems to have changed this as had been expected."

"A good monsoon and softening of prices coupled with attractive offers by retailers in an effort to down stock, has boosted overall buying sentiment. Greater awareness among consumers of long term price trends is also supporting buying."

"Footfalls are reported to be better compared with the start of the season, and a long wedding season supported by a significantly higher number of auspicious occasions this quarter is expected to buoy buying."

"It is a Dhanteras with a special impetus as gold is one of the best performing asset classes now." (UNI)