'It has always been viewed as a hedge against inflation.'
MMTC recorded a sale of jewellery worth about Rs 15 crore (Rs 150 million) at its recently concluded 'Festival of Gold'.
The famed Indian appetite for gold is being manifest with renewed vigour this season as a surge in festival demand and a recent fall in prices has fuelled a virtual 'gold rush' in the market.
Here's a recap of events that occurred in India in the past 24 hours.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
According to jewellers and MMTC-PAMP India, gold demand has picked up in the wake of good monsoon and favourable price levels. There was positive response and more footfalls.
Prices have remained lower this year.
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