Runaway gold brings back buyers, record Diwali sales likely this year

year’s Diwali may set a new record in sales, an industry expert said, while another cautioned that this may not be the best time to buy gold as an investment.

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Gold has risen 56% in the calender year so far.

(REUTER)

“FOMO has gripped buyers, who were anticipating a correction since the price topped ₹1 lakh (on 21 August),” said Surendra Mehta, national secretary of India Bullion and Jewellers Association. “After subdued demand, we are getting reports of heavy footfalls at jewellery outlets over the past three days for jewellery and bar and coin purchases.” Based on footfall reports from trade for the festive season, Mehta estimates a record 45 tonnes of gold to be sold this Diwali (18-23 October).