Gold sales to rise 15 % on festive season

New Delhi, Nov 5 (UNI) The gold sales during the festive season are expected to increase by 10-15 per cent this year from a year ago despite prices of the metal going sky-high, World Gold Council said.

''With international crude prices scaling up to such a high, there is a possibility of inflationary situation developing all around,'' World Gold Council Vice President Shivram Kumar said today in a statement.

''In such a scenario, gold could be the best bet as a hedge against inflation,'' he added.

Country's gold imports between January and August were up 86.5 per cent from a year ago.

The country's gold consumption between October to December 2006 was at 207.7 tonnes, the Council said.

Gold has long been considered a traditional classic gift in India and has formed a specila coonection with festivals.

Diwali acts as the important ingrediant tnhat allows one to indulge in gold whether as a gift, investment or a deserved personal treat.

UNI