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GOLD DEMAND EXPECTED TO SURGE THIS DIWALI DESPITE RECORD HIGH PRICES
(ICE) – ROMA, 23 OTT – Despite gold prices touching record highs of Rs 79,000 per 10 gm, gold demand uptick is expected to continue this Diwali and till the end of the year due to the wedding season, according to the World Gold Council.
Sachin Jain, Regional CEO, India, World Gold Council said, “Buying gold is considered auspicious during Dhanteras, Diwali. From gold jewellery to gold bars, gold coins consumers plan at least a token purchase as a matter of tradition as gold buying is generally believed to herald good fortune, wealth and prosperity and that is visible in the sharp rise in gold buying historically witnessed on this day. Despite gold prices touching record highs of Rs 79,000 per 10 gm, anecdotal feedback from Industry indicates a resurgence in gold buying due to various ongoing festivals, with demand largely driven by investment sentiment and wedding-related purchases.”
“The retailers have also invested in new designs and innovative usage of technology to make daily wear, lighter jewellery considering heightened gold prices, to invite consumers to come into the stores. There is also an expectation of increased demand from rural areas, driven by improvements in robust economy and consumption. Good monsoons and higher crop sowing this year are anticipated to boost rural incomes further, potentially leading to higher gold purchases. Investment demand including digital gold, gold ETFs, gold bars and coins remains strong, with purchases also emerging from new channels such as e-commerce and Q-commerce. Overall, we are expecting gold demand uptick to continue this Diwali and till end of the year due to the wedding season,” the WGC India head said.
Diamond studded jewellery Too is expected to do well said Amit Pratihari, managing director, De Beers Forevermark. “As the festive season approaches, natural diamonds have emerged as the preferred choice for consumers. Demand for diamond jewellery is strong, driven by its emotional and symbolic meaning, with aspirations growing even in tier 2 and 3 cities where people are choosing diamonds for both special occasions and everyday wear,” he said.
The wedding season, coinciding with the festivities has further boosted positive consumer sentiment, with demand expected to continue into the new year, he added
Read more at:
https://economictimes.indiatimes.com//industry/cons-products/fashion-/-cosmetics-/-jewellery/gold-demand-expected-to-surge-this-diwali-despite-record-high-prices/articleshow/114461352.cms
(ICE MUMBAI)
SILVER TOUCHES HISTORIC HIGH OF RS 1 LAKH PER KG
(ICE) – ROMA, 23 OTT – Silver touched a historic high of Rs 1 lakh per kg with a Goods & Services Tax (GST) of 3 per cent in the physical market on Monday, up by almost Rs 5,000 per kg from Friday.
“Prices may soon touch Rs 1.25 lakh per kg. Silver, the poor man’s gold, is on a bull run as industrial demand of the metal is on the rise. Also the rising gold prices is impacting the price rally of silver,” said Prithviraj Kothari, president of India Bullion & Jewellers Association (IBJA).
Jateen Trivedi, VP Research Analyst- Commodity & Currency at LKP Securities said “Silver prices have gained strong upward momentum, with physical market prices surpassing Rs 100,000 per kg in India. As gold prices soar, retail buyers are increasingly turning to silver, viewing it as a relatively cheaper alternative at these levels, especially with gold now touching ?78,000 for 10 grams. The rise in silver is being driven not only by its appeal as a more affordable precious metal but also by increasing demand from the electric vehicle (EV) sector and photovoltaic applications, which is expected to sustain global demand in the medium to long term.”
On the MCX, silver prices have surged to Rs 98,000, supported by Comex silver climbing to $34 per ounce. A breach of the $34 mark has triggered fresh buying interest in silver, as market participants anticipate further gains. In the short term, resistance for silver in MCX is seen at Rs 100,000, a key psychological level, while support is found around Rs 96,000-Rs 96,500.
With the ongoing bullish sentiment in the silver market, primarily driven by industrial demand and gold’s rally, silver’s upward momentum appears strong. Investors are likely to continue to view dips as buying opportunities, keeping the white metal well-supported in the coming sessions, added Trivedi.
Read more at:
https://economictimes.indiatimes.com//industry/cons-products/fashion-/-cosmetics-/-jewellery/silver-touches-historic-high-of-rs-1-lakh-per-kg/articleshow/114427935.cms
(ICE MUMBAI)
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