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James Turk: Fear Index reconfirms gold''s bullish trend
Gold Prices Soaring But Indians Continue Buying
The Hindu, Madras
Sunday, December 5, 2004
http://www.hinduonnet.com/thehindu/holnus/006200412051101.htm
By Press Trust of India
NEW DELHI -- Gold prices are soaring but this has
failed to affect the buying spree in the Indian
wedding season. In fact, people are buying more,
fearing a further hike in prices, those in the
business say.
Contrary to popular belief that rising gold prices
affect buying negatively, apprehensions of a further
price hike have led to panic buying. This has
resulted in higher sales as compared to the last few
years, says Madan Mohan, a member of the Karol Bagh
Jewellers Association.
"People know that the gold rate in the domestic market
is linked to international prices and beyond anybody's
control here. So fearing a further hike, they are buying
and there is no stopping," says Mohan.
"Moreover, there are certain market segments which
are not affected by prices -- the rich and those buying
for wedding purposes. However, those buying for festive
reasons would still buy, though in less quantity," says
G.S. Pillai, president of Gold Souk.
"Also, those who have more disposable income at hand
are buying now," he says, adding, "The Gold Souk is
experiencing amazing footfalls of 2,500 customers on
average over weekends."
"These are serious buyers who come for buying purposes
irrespective of the prices," he says.
Says Harman Dhillon from Tanishq, "November saw an
increase of 40 percent in sales over the same period
last year."
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