India Bullion and Jewelers Association (IBJA) spokesperson Kumar Jain said, “The jewelery market has been buzzing with activity as gold prices have surged. It was up 20% on Wednesday compared to a week ago.”
He said the Navratri festival, which will begin on Thursday and last till October 12, is an auspicious time to buy gold. “Consumers are visiting stores to pre-book gold and take delivery during Navratri as prices are likely to rise northward,” he said.
Customers are mainly shopping for gold jewelery for the upcoming wedding season which starts in November and lasts till February-March.
The increased demand is leading artisans or goldsmiths to work 12 hours a day instead of their usual eight hours.
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“This is China’s moment for India. China used to buy gold to hedge against inflation. Now even Indians are turning to the yellow metal,” Jain said.
“Earlier, we used to suggest that 15% of one’s investment should go into gold. But, now that gold prices are returning 18-20% annually, the investment should go up to 25%,” said Bhargava Vaidya of Gold. Business Analyst.
Colin Shah, MD, Kama Jewellery, said, “The key drivers behind gold’s outperformance is the start of the rate cut cycle in the US, followed by strong expectations of further rate cuts in the upcoming US Fed meetings.”
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