Gold is in high demand in the festive season, Diwali. Not only personal demand but in Commodity trading also. MCX Gold December has jumped above Rs 52,000 per 10 grams, where it holds strong support at Rs 51,200. Gold prices have been ruling in the range of Rs 52,000 per 10 grams in the country.

Jewellers are betting on recovery and are optimistic that a rebound in the economy and pent-up demand will help boost sales during this 'Dhanteras' and the industry is likely to do up to 70 percent of last year's business.

All India Gems and Jewellery Domestic Council (GJF) Chairman Anantha Padmanabhan says, "There has been a gradual growth in both footfalls and sales since the beginning of the festive season which has grown even more since the last few days despite the ongoing uncertainties over COVID. This has made us hopeful that we will be able to do 70 percent of last year's business during Dhanteras,".

Another statement by World Gold Council Managing Director, India, Somasundaram, it states, "Millions of Indians believe that purchasing gold during the auspicious occasion of Dhanteras will usher in good fortune and wealth. Reflecting this sentiment, this year, Dhanteras is likely to mark the onset of a modest buying period, providing some respite after a prolonged phase of suppressed demand and subdued activity due to the current pandemic," In anticipation of festive demand, gold has taken a new stage in Indian markets and in August it showed a month-on-month gain of 107 percent, he said adding that focusing on the current data, it is unlikely to cool off the prices of gold, despite being the continuing pandemic.

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