Busy start to festival as India gold ETF trade jumps 81%

The National Stock Exchange in Mumbai recorded an impressive jump in volumes traded of gold ETF or exchange traded fund units on Dhanteras, the first day of the three-day Diwali festival across India.

The Times of India reports trade jumped by 81% to 4,441 kg (each unit of ETF is equal to one gram of gold) compared to the same day last year.

The exchange holds a special trading session each year on Dhanteras.

Last week a closely watched gold demand survey forecast that with 860 tonnes in purchases in 2012, China will overtake India as the world's biggest consumer of gold for the first time on a yearly basis this year.

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