Gold jewellery sales sparkle on Dhanteras
Kotak Mahindra Bank also achieved a 20 per cent growth in sales of coins. "Total quantity sold was 150 kgs compared to 125 kgs last year," Kotak Mahindra Bank Executive Vice President Puneet Kapoor said.
The demand was even across all denominations. However, as stocks were highest in the 5 and 8 gram category, sales were maximum in that category as well, he added.
Gold prices ruled at around Rs 32,000 per 10 gram in the national capital and Rs 32,100 in Mumbai, which is over 4 per cent higher compared to the previous week.
Local market gold prices are expected to firm up further during Diwali aided by a rise in global gold prices, Emkay Commodities research analyst Kunal Soni said.
"Gold's safe haven appeal increased after poor data of industrial production from Italy and France, as well as worries over the US fiscal cliff, besides an expectation of loose monetary policy, which may boost global gold demand," Soni said.
Gold for December delivery on the Multi Commodity Exchange (MCX) was 0.91 percent higher at Rs 31,643 after hitting a high of Rs 31,737 per 10 gram.
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