Gold Demand: Gold is being purchased fiercely this year, demand will increase by 30 percent on Diwali
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Gold Demand Hike: This Diwali (Diwali 2021) will be seen in gold. Bullion traders expect gold prices to rise faster than expected in the economy. Last year, gold had lost its luster due to Corona, but this year the demand for gold will see an increase of 30 percent. In the year 2020, the gold market was very pale on Diwali and Dhanteras.
Business booming after Shradh
Ashish Pethe, chairman of All India Gems and Jewelery Household Council, told PTI, “We are seeing an increase in business activities after ‘Shraadh’. He said gold prices had come down to Rs 42,500 per 10 grams, which has increased consumer demand for the yellow metal.
Jewelery market will boom
He said that better Goods and Services Tax (GST collection) collections during the last few months indicate that economic activities are on track. Apart from this, whatever marriages were canceled due to the epidemic. They are now happening this year, due to which the demand for jewelery is also increasing rapidly.
Sales will increase by 25 percent
Pethe further said, “Given the positive consumer and market signals, we expect 20-25 per cent growth in sales over the year 2019. We are seeing this positive momentum from across the country. After touching the highest level of Rs 56,000 on Saturday, the price of gold in the country came down to Rs 49,200 per 10 grams.
effect of vaccination
WGC Regional Chief Executive Officer (CEO), India Somasundaram PR said that the epidemic appears to be containment mainly with higher vaccination rates and lower infections, which has reversed the slowdown in economic activity.
Know what the businessmen said?
Saurabh Gadgil, Chairman and Managing Director, PNG Jewelers said that the market is witnessing strong demand since the beginning of Navratri. Malabar Gold & Diamonds Chairman Ahmed MP said the company expects good demand for gold jewelery from consumers during Dhanteras this year due to suppressed demand. Shrey Mehta, Director, Pooja Diamonds said that the industry has high hopes from this season including Dhanteras as the wedding season is just starting and there is a high demand. “We expect this enthusiasm to continue post Diwali and expect this positive consumer sentiment to continue till the first half of next year,” he said.
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