According to reports by the World Gold Council, gold sales increased by 5.7 percent between October 12-19, 2009, amounting to 56 tonnes of gold being sold in the period, as compared to the same period last year. These days were when India was celebrating its traditional annual festivals of Diwali, Pushya Nakshatra, Dhanteras, Bestu Varas/New Year Day and Bhai Dooj/Bhau Beej, each of which are occasions to buy gold. Traditionally gold in India is symbolised with auspiciousness and prosperity and is especially purchased on the festive occasions. %% The period also marked the ‘The Great Indian Gold Rush’ season, wherein leading gold retailers in India participated. To arrive at the purchasing habits of consumers during the festive season, WGC gathered reports from these participating retailers. The shopping festival has been instrumental in the growth of gold sales this year as retailers have received an overwhelming response from the consumers. %% Mr. Ajay Mitra, Managing Director, World Gold Council, Indian Subcontinent, said, “This festive season has proved to be very positive for gold sales as compared to last year. ‘The Great Indian Gold Rush’ has further given consumers a greater opportunity to indulge in gold which is reflected by strong customer response received from the retailers. This increase in demand can be attributed to consumers’ belief of gold being the only safe investment in the current global market scenario. Based on the existing consumer reaction to gold, we are confident that the current trend will continue for the rest of the year.” %% During the Diwali week this year, gold sales amounted to Rs. 8,904 crore, increasing by 39.2 percent from the same period last year. Gold has been one of the most preferred investments in the economic slowdown phase. While the retailers have confirmed the strong consumer demand for gold this festive season most retailers conceded that the demand for gold will continue for the coming months.