Gold News

Gold prices 'may rise on demand'

Gold prices could rise again thanks to a shopping spree for the precious metal in India, it has been claimed.

The country's Akshaya Tritiya festival falls on May 8th this year and is traditionally a day for Hindus to buy gold jewelry and bullion.

Ajay Mitra of the World Gold Council told Bloomberg that sales could reach as much as 70 tons, an increase of 25 per cent on last year's total.

Meanwhile, Chitra Pandeya of Mumbai-based HDFC bank advised investors in gold to "make hay while the sun shines" as he said that buying will definitely increase during the festival.

Head of commodity research at the Sharekhan brokerage in Mumbai was also confident about gold's ability to bounce back from its current consolidation and predicted good prices in the coming months.

"Long-term bullishness is intact," he said, according to Bloomberg and advised people who may be thinking about investing in gold to purchase now.

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