HYDERABAD: All that glitters might not be gold this Dhanteras and Diwali season, due to a 25-30% rise within the worth of the yellow metallic since final Dhanteras. Gold is now hovering close to its life-high within the home and worldwide markets.
After gold’s surge to its all-time excessive of $2,759 per ounce on Oct 23 within the worldwide markets, it has been hovering above the $2,700 stage since. In Mumbai’s spot markets, it was at about Rs 79,500-per-10 gram.
Compared, it was at concerning the Rs 62,000 stage final Dhanteras.
Although gold costs have softened a bit since final week’s report, the present excessive costs have left jewellers fearful a few drop in gross sales this 12 months in comparison with 2023.
In line with Avinash Gupta, director on the All India Gem & Jewelry Home Council, the unprecedented rise in bullion costs is anticipated to dampen festive demand. “Yearly, there’s a seen Dhanteras rush earlier than the auspicious day as individuals come to make bookings. (This 12 months) that rush is lacking.” Gupta stated that this 12 months, demand is excessive for gold jewelry with decrease ticket sizes, these priced under Rs 1 lakh. “We anticipate token shopping for this Dhanteras and Diwali. Gross sales are anticipated to be decrease by no less than 20%,” he added. The yellow metallic’s high-price state of affairs has prompted jewelry gamers so as to add some sweeteners to coax patrons to stroll into showrooms.
