Gold prices rise 60% as festive season sales volume falls

…trading at Rs 1.57 lakh per 10 grams, including 3% goods and services tax. This was around 60% higher than the Rs 98,000 per 10 grams recorded on Ganesh Chaturthi last year, which fell on August 28. Gold prices high “ Domestic gold prices have remained at a historic high, which has impacted volume sales. But overall the mood is optimistic, with many people resorting to old gold jewellery exchanges to buy new jewellery, which is mostly lightweight ,” said Surendra Mehta, national secretary, India Bullion & Jewellers Association, according to an ET report. Jewellers remain hopeful that the moderation in demand will prove temporary as the festive calendar…

…wedding season. Since weddings are also taking place during the festive period, retailers expect buyers to increasingly seek jewellery that can serve multiple purposes, from celebrations and gifting to regular wear. “ We are seeing greater interest in diamonds as buyers seek jewellery that is versatile enough for celebrations, gifting and everyday wear ,” said Rohan Hemdev, director, Ananya Jewels. Growing interest in coins Kumar Jain, owner of Umedmal Tilokchand Zaveri, a 100-year-old outlet in Mumbai's Zaveri Bazaar, said demand for bullion in the form of coins and…

…Zaveri, a 100-year-old outlet in Mumbai's Zaveri Bazaar, said demand for bullion in the form of coins and bars had picked up during this year's Ganesh Chaturthi, although volumes remained below last year's level. “ Bullion sales in the form of coins and bars have shown traction this Ganesh Chaturthi, even though the volume is lesser than last year. ” The increased preference for coins and bars suggests that consumers are still setting aside money for gold during auspicious occasions, but the elevated price of jewellery is making them more cautious about their…

…evolving consumption habits. He also pointed to the growing role of digital platforms, social media, influencers and celebrity collaborations in making jewellery more aspirational and appealing to younger consumers. “ With the ongoing festive season, we expect buying interest to gradually pick up, especially as consumers and jewellery retailers prepare for the period ,” said Darshan Desai, CEO, Aspect Bullion & Refinery. Gold hallmarking charges rise In the meantime, the Bureau of Indian Standards (BIS) has increased the hallmarking fee for gold articles just before the start of the…