MTECHTIPS;-Gujarat October Gold buying doubles ahead of Diwali:

MTECHTIPS;-Gujarat October Gold buying doubles ahead of Diwali:

Gold imports to Gujarat advanced sharply ahead of Diwali in November this year, as per latest data released by Gujarat State Export Corporation Ltd (GSECL).According to GSECL data, the western Indian state's gold buying rose to 23.7 tons till October 25 this year as compared to only 12.7 tons in September. They expect Gujarat gold imports to reach 30 tons in October this year. This is mainly due to jewellers in Gujarat are importing more yellow metal so far in October."The main reason behind the rise in gold import to the state is upcoming festive season. Apart from jewellery, people also buy physical gold during Diwali. The October gold import is two times the normal monthly import witnessed during the year. The normal monthly gold import in Gujarat hovers around 10-12 tonnes," said Samir Mankad, the whole time director of GSECL.According to a research report, Gujarat 's gold prices in last ten years advanced from Rs. 4300 to Rs. 29280 per 10 gram.

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