According to a recent Bloomberg Article, Gold sales might go up 25% up in India during this holiday season. Holidays in India started with Eid and will end with Diwali in October. It is important to note that India is already the number one country when it comes to buying Gold.
Sales of Gold Bullion Coins, Gold Bars, Gold Medallions and other Gold accessories are expected to climb to 250 metric tons within the 3 months ending in november 30th, as compared to 200 metric tons at the same period last year.
Recent spike in Gold price doesn’t seem to bother Indian investors. In fact, Indians believe that purchasing Gold during the holiday season is a good omen. The Bank of India has been on of the first banks in the world to start buying large quantities of Gold for its own reserve, long before the world economy started to crumble.
“A lot of people interested in buying gold are waiting for stability in prices before buying,” said Kunal Shah, head of commodity research at Nirmal Bang Commodities Pvt. “We have seen an excellent monsoon and I don’t see any reason for a drop in demand.”
Gold is expected to reach $2,000 by the end of the year, according to a recent forecast by Bloomberg’s analysis. The forecast involved 13 traders and analysts at a conference in Kovalam in South India on Aug. 20.
If you are interested in buying Gold, don’t wait too long. You can purchase Gold bullion coins and gold bars from APMEX (The American Precious Metals Exchange) or BullionVault, the 2 most popular Gold Buying Portals on the web today. APMEX Ships to the US and Canada only. BullionVault stores your Gold in a location of your choice, either London (England), Zurich (Switzerland) or New York (USA). BullionVault is particularly preferred by Indian buyers.
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