Ahmedabad: Amid expectations of a pause in interest rate increases by the US Federal Reserveand the falling US dollar index, gold and silver prices bounced back and are inching towards the record high of Rs 66,000 per 10g that was reached in the first quarter of this year. On Saturday, gold settled at Rs 63,700 per 10g in the Ahmedabad market.
The increase is due to the rally in the international market because of geopolitical uncertainty.The yellow metal breached $2,000 per troy ounce on Friday, according to the World Gold Council. Silver prices have also gone up to 74,500 per kg in Ahmedabad.
“As the US is set to announce its GDP data for the third quarter, dollar indices have fallen. Moreover, due to geopolitical uncertainties and inflation concerns, gold procurement by central banks across the globe has gone up. Gold and silver prices have thus increased significantly,” said Haresh Acharya, director of the India Bullion and Jewellers’ Association. More expensive gold has left jewellers concerned for the peak of the wedding season, when demand is usually high.
“The Diwali season was good in terms of demand for gold and gold jewellery, with customers buying jewellery for weddings in large numbers. However, due to the increase in gold prices, most transactions took place with the exchange of old gold for new jewellery. Exchange transactions made up about 60% of gold purchases due to the increased prices,” said Manoj Soni, an Ahmedabad-based jeweller.
“Overall, the seasonal demand for jewellery has picked up well. However, this is largely driven by wedding ceremonies. Bridal jewellery and light-weight designer jewellery are in high demand. Younger customers are also preferring diamond jewellery,” Soni added.
We also published the following articles recently
The increase is due to the rally in the international market because of geopolitical uncertainty.The yellow metal breached $2,000 per troy ounce on Friday, according to the World Gold Council. Silver prices have also gone up to 74,500 per kg in Ahmedabad.
“As the US is set to announce its GDP data for the third quarter, dollar indices have fallen. Moreover, due to geopolitical uncertainties and inflation concerns, gold procurement by central banks across the globe has gone up. Gold and silver prices have thus increased significantly,” said Haresh Acharya, director of the India Bullion and Jewellers’ Association. More expensive gold has left jewellers concerned for the peak of the wedding season, when demand is usually high.
“The Diwali season was good in terms of demand for gold and gold jewellery, with customers buying jewellery for weddings in large numbers. However, due to the increase in gold prices, most transactions took place with the exchange of old gold for new jewellery. Exchange transactions made up about 60% of gold purchases due to the increased prices,” said Manoj Soni, an Ahmedabad-based jeweller.
“Overall, the seasonal demand for jewellery has picked up well. However, this is largely driven by wedding ceremonies. Bridal jewellery and light-weight designer jewellery are in high demand. Younger customers are also preferring diamond jewellery,” Soni added.
We also published the following articles recently
Mumbai: Jeweller defaults on Rs 2.41 crore gold purchase, booked
Mumbai police book jeweller Mehul Nagda of Viraj Jewellers from Ghatkopar for cheating and criminal breach of trust. Kamlesh Sanghvi Jain, owner of a wholesale gold jewelry store, filed a complaint alleging that Nagda purchased 6kg gold worth Rs 2.41 crore and defaulted. Nagda had a business arrangement with Jain and had kept his power of attorney as security. Despite multiple excuses, Nagda failed to make the required payments, leading Jain to file a cheating case against him.
Mumbai police book jeweller Mehul Nagda of Viraj Jewellers from Ghatkopar for cheating and criminal breach of trust. Kamlesh Sanghvi Jain, owner of a wholesale gold jewelry store, filed a complaint alleging that Nagda purchased 6kg gold worth Rs 2.41 crore and defaulted. Nagda had a business arrangement with Jain and had kept his power of attorney as security. Despite multiple excuses, Nagda failed to make the required payments, leading Jain to file a cheating case against him.
Card-shaped gold seized from flyer
The Directorate of Revenue Intelligence (DRI) under the Commissionerate of Customs, Ludhiana, seized gold in the form of a credit card and gold sheets from a passenger at Shaheed Bhagat Singh International Airport, Mohali. Another passenger on the same flight had silver coated gold bangles (kara) and a chain seized by DRI. The gold sheets were valued at Rs 27.73 lakh and weighed 520 g. The passenger was carrying the gold sheets in a wallet.
The Directorate of Revenue Intelligence (DRI) under the Commissionerate of Customs, Ludhiana, seized gold in the form of a credit card and gold sheets from a passenger at Shaheed Bhagat Singh International Airport, Mohali. Another passenger on the same flight had silver coated gold bangles (kara) and a chain seized by DRI. The gold sheets were valued at Rs 27.73 lakh and weighed 520 g. The passenger was carrying the gold sheets in a wallet.
Well be gunning for gold in Paris: Harmanpreet
Indian men’s hockey team, after winning gold at Asian Games, shifts focus to Paris Olympics. Captain Harmanpreet Singh aims for elusive Olympic gold after Tokyo 2020 bronze. Team working on improving finishing, creating more penalty corners, and strengthening defense. Harmanpreet wants to add variations to drag flick. Targeting better tackling outside the D to reduce opponents’ penalty corners. Team to participate in 5-nation tournament in Spain for preparation.
Indian men’s hockey team, after winning gold at Asian Games, shifts focus to Paris Olympics. Captain Harmanpreet Singh aims for elusive Olympic gold after Tokyo 2020 bronze. Team working on improving finishing, creating more penalty corners, and strengthening defense. Harmanpreet wants to add variations to drag flick. Targeting better tackling outside the D to reduce opponents’ penalty corners. Team to participate in 5-nation tournament in Spain for preparation.