Gold News

Gold demand rises again

Gold demand has increased further thanks to the upcoming Akshaya Tritiya festival, it has been reported.

Many traders and jewelry manufacturers are being advised to stock up on gold ahead of the event, which takes place on May 7th in India and May 8th in countries including Bangladesh and Singapore.

Daman Prakash Jain of MNC Bullion in Chennai told Reuters that good sales are anticipated during the festival.

However, some analysts have said that the demand will continue to increase throughout the summer as a response to the publicity for the event.

"Normally, we see brisk sales in May, June and July. This is because several people go on leave during the summer. And invariably many of them carry gold with them," said a jeweler in Doha, according to the Gulf Times.

The VN group told Mineweb on May 2nd that the slight recovery of the US dollar should not be taken as an indication that good gold prices are over, as they pointed out that prices had already made major gains before August 2007, when the economy was in good health.

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