India's festival gold sales down 8 pct - WGC
Thu Apr 30, 2009 9:35am IST
in.reuters.com
MUMBAI (Reuters) - Indians bought 45 tonnes of gold during this year's Akshaya Tritiya festival, down 8 percent from last year, the World Gold Council said on Thursday, but much higher than estimates from a local trade body and jewellers.
India, the world's largest bullion consumer, celebrated Akshaya Tritiya on April 27, when Hindus, particularly in the south, buy gold to encourage prosperity. It is one of the two biggest gold buying days in India along with Dhanteras in October.
Several jewellers say festival sales were 20-40 percent lower than a year ago as demand has been sluggish in the world's top gold buyer in recent months.
But the World Gold Council said sales were higher and signalled good demand, despite an economic slowdown and the fact that last year the festival was observed for two days, May 7-8, giving people more time to buy.
It estimates that sales during the festival last year were 48.99 tonnes
"The figures are positive ... One should remember that Akshaya Tritiya was for two days last year. In 2009, one should also look at the overall economic performance," said Ajay Mitra, managing director, Indian subcontinent, World Gold Council.
The Bombay Bullion Association said on Tuesday that India's gold imports in the first four weeks of April stood at 15 tonnes, down about 40 percent from total imports in April 2008 and almost the entire imported metal was used to meet festival demand. |
