| The council has forecast that gold sales would increase 10-15 per cent this year from 800 tonnes consumed last year, arguing high crude and base metals prices have left little opportunity to invest. |
| The ongoing rise in prices may create an inflationary situation resulting into gold remaining the only bet as a hedge against inflation. |
| Despite gold prices appreciating to the historical high of $850 an ounce, buying by Indian consumers would continue this season as well. |
| Consumers in India are inherently attached to the yellow metal during the wedding season, Diwali and Dhanterus, and the scenario is likely to continue this season as well. |
| A release by the WGC said gold has long been considered a traditional gift in India and has formed a special connection with festivals. |
| "Diwali acts as an important factor that allows Indians to indulge in gold whether as a gift, investment or a personal treat. More Indians are subscribing to the belief that gold is the ideal valuable gift." |
| Even though gold today varies in appearance, it continues to accommodate traditional designs as well as contemporary versions, never diluting the classic gold concept. |
| "These diverse designs will not only drive the consumers to the stores, but will also bring into focus the timeless appeal of the precious metal," the release said. |
| In addition to the lure of gold jewellery, gold coins and medallions are also becoming popular as investment sources. |
| As the Indian investor explores new avenues of investment, his contributions to the "gold for investment" category facilitate healthy growth. As Indians use gold in different aspects of life, the sales of the metal will continue their upward climb. |
| If things go as expected this festive season, the brightness of Diwali is only going to be magnified by the luster of gold, WGC added. |
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