Busy start to festival as India gold ETF trade jumps 81%
Window shopping only
The National Stock Exchange in Mumbai recorded an impressive jump in volumes traded of gold ETF or exchange traded fund units on Dhanteras, the first day of the three-day Diwali festival across India.
The Times of India reports trade jumped by 81% to 4,441 kg (each unit of ETF is equal to one gram of gold) compared to the same day last year.
The exchange holds a special trading session each year on Dhanteras.
Last week a closely watched gold demand survey forecast that with 860 tonnes in purchases in 2012, China will overtake India as the world’s biggest consumer of gold for the first time on a yearly basis this year.
Image by syamsul bahri muhammad / Shutterstock.com
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Comments
arty
I think the difference is that it is probably the people buying in India and the communist government buying in China.