The World Gold Council reported a low demand for gold in India in Q1, but UK dealers believe demand is expected to surge in the lead up to the celebrated Festival of Light – Diwali.
One leading gold dealer Daniel Fisher from PhysicalGold.com said he’s already seen a 12% increase in sales of gold coins for Diwali and even had a request for a ruby encrusted gold elephant!
He’s also seen an increase in the number of silver enquiries as customers turn to silver as the more affordable alternative to the yellow metal.
Daniel Fisher said “Diwali is traditionally the beginning of the Indian wedding season, and typically we see a surge in gold as India imports in preparation for that season. This year, however, we’ve seen more customers than ever before...