Gold News

India Switches to Buying Gold Bullion

GOLD BULLION buying in India has risen recently as an alternative to the more traditional gold jewellery.

Indian gold buying has started to reassert itself after the recent decline. However, consumers are not sticking to the traditional gold jewellery and are instead going for more secure and cost effective Gold Bullion.

"Customer preferences are changing," notes Hareelalbhai Zaveri, a Mumbai-based bullion dealer. "Earlier, customers would buy gold jewellery since they were considered the best investment option. Nowadays, customers are keen to buy gold biscuits [Gold Bullion], since they are easy to hoard. The customer is also assured of best value for money. Gold jewellery is no longer an investment option."

Gold sales have been increasing as a whole in India, with gold imports to the transport hub of Ahmadabad up 2.75 times in January to June compared to the corresponding period last year.

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Roy Peel is working as a research assistant at BullionVault, the world's No.1 gold and silver ownership service for private investors.

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