look news india
Indians' obsession with gold is well known. A report by the World Gold Council (WGC) also supports this desire. According to the report, India is one of the largest markets for gold and is growing rapidly. This is the reason why gold prices are increasing rapidly in the country. On Friday, gold prices in Delhi reached Rs 67,350 per 10 grams. It is feared that gold will soon reach Rs 500. Can go beyond 69 thousand. However, there is no sign of any decline in the demand for jewellery.
Gold prices have not disappointed jewelery buyers
Gold prices continued to rise during the financial year 2023-2024. The Russia-Ukraine war, Israel-Hamas war and tensions in the Middle East prompted investors to buy gold. Central banks around the world also bought gold on a large scale. During this financial year, the price of gold on MCX has increased by about 12 percent and it has increased from Rs 59400 per ten grams to Rs 59400 per ten grams. Has crossed 67 thousand. But, according to various jewellers, these rising gold prices have failed to stop people from buying jewellery.
Demand is expected to remain strong during the wedding season
A Mint report quoting Saurabh Gadgil, MD and CEO of PNG Jewellers, said that jewelery purchases have increased rapidly during the festive season. Customers are buying a lot of jewelery on festivals like Holi, Gudi Padwa and Akshaya Tritiya. Wedding season is also coming. In such a situation, there is full hope that the demand will remain. The World Gold Council believes that gold is seen as a safe investment in rural areas. That is why they invest a lot in jewellery. However, there may be a slight decline in jewelery purchases due to the general elections.
Demand may increase by 10 percent in the next quarter
According to the information, the matter is close to Akshaya Tritiya i.e. Akhtriya. Also, the arrival of new crops has started in rural areas. In such a situation, the demand for jewelery is expected to remain strong. Consumers are concerned about their budget, but based on trends over the past few years, we expect demand to continue to grow. Demand may increase by 10 percent in the next quarter.