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Gold/Mining/Energy : Gold & Gold Stock Analysis

GLD 422.21

+1.9%

Jan 12 4:00 PM EST

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From: LoneClone	11/7/2007 10:38:57 AM
	of 29622

Gold Sales to Jump by 15% in India By Commodity Online 06 Nov 2007 at 10:47 AM GMT-05:00 resourceinvestor.com MUMBAI (CommodityOnline.com) -- The World Gold Council (WGC) says gold sales in India will rise by 10%-15% this year thanks to strong demand during the current festival season. Indians consider it as lucky buying gold during Diwali, the festival of lights. Diwali falls on Nov. 9. Gold is also bought for other festivals like Durga Puja and Ganesh Chaturthi, which are celebrated ahead of Diwali. The Council said in a statement that with international crude prices scaling up to such a high, there is a possibility of inflationary situation developing all around. "In such a scenario, gold could be the best bet as a hedge against inflation," the WGC said. India's gold imports between January and August were up 86.5% from a year ago. India's gold consumption from October to December 2006 was at 207.7 tonnes. The ongoing festival season and booming global market continue to boost the prices of the yellow metal in India. Gold gained nearly 200 points on the bullion market on Tuesday. Traders said the gold market was impressive as there was brisk physical buying in gold. The prices remained higher by Rs 200 at Rs 10,500 per 10 grams, a little away from record high level of Rs 11,800 recorded on May 12, last year as gold touched 28-year high of $815 an ounce in the U.S. last night. The bullion market, which has been passing through a lean period due to off-marriage season, scattered buying by corporate companies and retailers for gifting doubled the speed of upsurge, as global markets remained firm. The precious metal reached a record $850 an ounce in January 1980. Market players said some of the funds were shifting from melting global stock markets to the bullion. By arrangement with www.commodityonline.com.

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