MUMBAI (Commodity Online): Despite the ever high Gold prices, Indians have ignored the price factor and continued to buy the yellow metal on the auspicious day of Dhanteras, when Indians believe they could attain fortuity by having gold.

Reports showed that around 15 tonnes of gold were sold off in a single day across India on Dhanteras, though the prices for a ten gram gold cost at Rs 16000 as against Rs 12070 per 10 gram in the previous year.

Traders said the business was dull during October until 15 Thursday, when consumers poured into the jewellery shops and banks to purchase gold. Traders expressed hopes that this buying streak is expected to continue to next couple days after Diwali.

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gold prices surged significantly by around 37% in the last one year due to high investment in precious metal, finding safe haven. However, physical purchase was poor by the consumer because of higher prices, Ashwin Derasari, Senior Manager of Bombay Bullion Association was quoted by Asian Age daily on Friday.

But now Indian consumers realized that gold may not see the comfort level of Rs 13500 to Rs 14000 per 10 gram in future and so they have started buying gold during the festive season, he added.

In the next four months, Derasari said gold prices may cross the Rs 17,000-mark. An analysis of the price trend of the precious metal showed that Gold has become expensive by more than three-fold since 2000. The price of gold in 2000 was at around Rs 4,500 per ten gram. The sharp rise of the gold price witnessed following the slowdown has deterred the purchasers since the dawn of this year.

If gold import figures were to be believed, the demand for yellow metal has got revived in September after an eight-month long lull. Experts say gold imports during September was about 40 tonnes, which is still 26 per cent less compared with the last year corresponding period’s import figure of 54 tonnes.

US gold futures ended lower on Thursday as the dollar stemmed recent losses and the metal consolidated gains after a sharp rally to record highs in the last two sessions. Gold decreased $14.10 in New York trading to close at $1,050.60 per ounce.

Gold prices fell below $1,050 an ounce in Europe on Thursday as the dollar index recovered early losses and equity markets retreated after third-quarter results at major US banks disappointed some investors.

U.S. stocks in early trading fell after the release of earnings from Goldman Sachs and Citigroup. Goldman net surged threefold and Citigroup swung to quarterly profit. Stocks in the afternoon recovered as Crude Oil advanced to its yearly high.

Jobless claims in the week ending October 10 declined 10,000 to 514,000 from the revised 524,000 claims in the previous week. The insured unemployment rate decreased to 4.5%.

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