Festival to prompt gold jewelry buying in India
Indian Gold Investment will pick up significantly during the Akshaya Tritiya festival this spring, an expert has suggested.
According to the Economic Times of India, the festival, which is usually watched closely by precious metals traders, is notable for the amount of gold jewelry on display.
Speaking to the newspaper, Sumesh Wadhera, director of the Mumbai-based All India Gems and Jewelry Trade Federation (GJF), which represents those industries, said that gold jewelry transactions could rise by as much as a third in May because of the festival.
He told the paper: "We re hoping that Akshaya Tritiya, to be celebrated on May 16th, will increase gold jewelry business by 25 to 30 per cent compared to the previous year."
Factors contributing to this projected rise include the stability of Gold Prices in India and increased consumer confidence compared to a year ago, the market expert said.
Meanwhile, Bloomberg reports that Gold Prices are rising in Asia as a result of credit tightening in China, which is encouraging some investors to seek solace in the security of the precious metal.
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