Friday, 10th August 2007 (3448 views)

Demand for gold in India is expected to pick up ahead of traditional Hindu festivals, it has been reported.

According to Reuters, the Rakhi festival which takes place on August 28th marks the beginning of a series of Hindu religious events that continue into November and sees gold demand rise to a peak.

Rakhi is also a Sikh festival and celebrates the relationship between brothers and sisters. It is celebrated on the full moon of the month of Shraavana.

"This weekend will be very good till Rakhi festivities," Rahul Gupta, director of PP Jewellers, a leading jewellery chain, told Reuters.

Meanwhile, Satish Bansal, director of MD Overseas commented that people would only put off buying gold "if gold shoots up", adding that even in such an instance, those with a marriage in the family would still purchase gold.

In other news, India's government is currently looking to implement a new mining policy which is aimed at boosting the exploration of gold deposits in the country.

 

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