Gold lustre back during Diwali

8220;Retail sales in the last four to five days has been better than last year8221;, he said.

In terms of dollar, it has dipped from 980 dollars per ounce to 682 dollars in the last 30 days. However, due to depreciation of rupee, the net benefit has been impacted.

In rupee terms it has slipped from Rs 1399 per gm to Rs 1140 in the last one month, says Sreedhar G V, Secretary of the Jewellers Association in Bangalore.

With gold prices reaching an 18-month-low, the current global economic crisis and stock markets not doing too well, many of the consumers have begun to take their money pumped in stocks and equity and invest in gold, he said.

8220;However, consumers are not investing in jewellery but are investing more in gold coins and bars. The purchase of gold coins and bars are for consumers who were looking at more secure investments rather than for ornaments8221;, he said.

8220;Gold is being perceived as a secure investment in a market facing the brunt of global turmoil8221;, he said.

Karnataka gold sales figure has seen an increase of 10 to 15 per cent during the festive season compared to last year, says Sreedhar.