Indians go on 'gold-buying blitz'

Agence France-Presse

October 23, 2009 09:27pm

INDIANS spent nearly $US2 billion ($2.15 billion) buying gold last week during Hindu festivities, an increase compared with 2008 despite record prices, the World Gold Council says.

The World Gold Council (WGC) said gold sales rose 5.7 per cent to 56 tonnes from a year earlier in the week of October 12-19, which is considered the most auspicious period to buy gold according to Indian tradition.

Gold prices in India had hit a record high of over 16,000 rupees ($370) per ten grams, but have since fallen slightly…http://www.news.com.au/story/0,23599,26252434-38197,00.html