Yellow metal has risen by about 2% this week – on Monday from Rs 98,791 per 10 grams to Rs 1,00,502 per 10 grams at the end of retail. With 3% of goods and services tax, the net customer price is now Rs 1,03,507 per 10 grams.
“China is also buying gold from central banks around the world. Big investors are also buying gold. All of these factors are running gold prices,” said Surendra Mehta, National Secretary of Apex Industry Body India Bullion and Jewelers Association (IBJA).
On April 22, gold prices finally cost Rs 1 lakh per 10 grams.
On Wednesday, Rajat also paid Rs 1,11,000 per kg on Tuesday. 1,15,500 was reached, which was Rs. There was an increase of 4,500. Lower Dollar Lar Index and U.S. Trade tariffs are being raised by uncertainty, which supports a safe-air purchase, analysts said.
The Indian rupee was under pressure after NATO warned of secondary sanctions on Russian oil imports, which led to an increase in the increase in gold and silver prices locally. India imports both precious metals and if the rupee falls under pressure, prices rise automatically.
Suvankar Sen, Managing Director of Jewelery Chain Sanko Gold, said prices forced consumers to buy lightweight gold jewels in their budget. “The volume will be 15%.
The festive season, which starts with the protection next month and continues till Diwali in October Chatber, is the largest consumption period of gold except the winter wedding season.
Dinesh Taluja, India’s largest retailer Reliance Retail Chief Financial Officer, told analysts last week that a significant increase in gold prices could increase bill values (for its jewelry business), but the number of bills has decreased. “The business is constantly on the rise, but apparently the price of gold has been affected by a significant increase. In terms of volume, the demand for gold has declined,” he said.
The IBJA official said that jewelery sales will not be good in the defense bond as consumers cannot accept the price of Rs 1 lakh. In the gold hub jewelery market in Mumbai, the legs have dropped significantly. Mehta said that the demand will not increase until the price is settled near Rs 94,3 per 10 grams, 000 93,3. “
Continuous high gold prices have suppressed demand, asking customers to postpone non-essential purchases and choose more affordable options such as lightweight, lower-carnat, silver or studded jewels.
India’s research head of the World Gold Council, Kavita Chako, said that according to market reports, the tendency to overcome the old jewelry to manage costs is a constant tendency to get traction.
However, with the increasing selection of gold bars, coins and plain gold chains (viewed as semi-investments), investment oriented can continue to be purchased, which is preferred for their low fabrication charge.
“According to fantasy reports, demand has been concentrated in low-grammar coins, especially weighing less than 10 grams,” Chco said.
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