Mumbai: Indians bought 56 tonnes of gold for Dhanteras and Diwali festivals last week, up 5.7 percent on year, even as prices struck a record high, the World Gold Council (WGC) said on Friday.
WGC said the figure took into account sales from October 12- October 19, when people bought gold to celebrate the two festivals.
"This increase in demand can be attributed to consumer's belief of gold being the only safe investment in the current global market scenario," Ajay Mitra, managing director of the WGC India was quoted as having said in the statement.
Western India accounted for the largest share in sales, with 19.6 tonnes, followed by the north, which was placed at 16.8 tonnes. Sales in the south and the east were at 11.2 tonnes and 8.4 tonnes respectively.
Mitra also said the gold promotion undertaken by a large part of the trading community helped push sales.
Retaliers have spoken about a strong consumer demand ahead, he added.
"We are confident that the current trend will continue for the rest of the year," said Mitra.
Last year, India imported 712.6 tonnes of gold compared to 769.2 tonnes imported in 2007, according to data from WGC.
In the local market, gold struck a new high on Thursday at Rs 16,050 ($345.5) per 10 grams, breaking its earlier high of 16,048 rupees on October 13.
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