National News
Gudi Padwa jewellery sales flat; demand for gold coins surges
Gold prices have surged to nearly Rs 90,000 per 10 grams (excluding GST) in the physical market, leading to a noticeable decline in jewellery sales in Maharashtra/Goa during Gudi Padwa, a festival traditionally associated with gold purchases. Despite this, demand for gold coins as an investment remains strong, as consumers anticipate further price appreciation. Mumbai’s largest gold hub has observed a shift in consumer behavior toward gold coins and bars. Traders said that buyers are purchasing gold coins with the expectation of future price increases.
As of Gudi Padwa, gold prices have reached nearly Rs 90,000 per 10 grams, making gold jewellery significantly more expensive. Higher prices have deterred traditional jewellery buyers, shifting demand towards investment-oriented purchases, such as gold coins. Industry experts anticipate that gold prices may continue to rise, reinforcing gold’s status as a long-term store of value.
Equal demand was observed between gold jewellery and investment-grade coins. Retailers introduced discounts and exchange offers, but high prices still impacted sales volume.Tier-2 cities experienced similar trends, with more gold coin buyers than jewellery shoppers. Lightweight jewellery, silver accessories, and gold-plated ornaments saw higher traction compared to heavy gold jewellery.
Global trade tensions and potential U.S. Fed rate cuts are boosting gold’s attractiveness as an investment. Investors are shifting towards gold due to its historical role as a hedge against inflation and economic instability The Indian Rupee’s performance against the U.S. Dollar is also a contributing factor to local gold price fluctuations.
National News
Gold Rates In India Decline, Silver Rates Unchanged
Investors Are Cautious Over The US-Iran Peace Negotiations
Gold rates in India dropped by up to Rs 4,300 per 100 grams on May 23, while silver rates in the country were unchanged. This is after spot gold recorded its second consecutive weekly decline due to elevated crude oil prices amidst inflation woes. Crude is currently at 4-year highs, and investors are cautious in global and MCX markets over the US-Iran peace negotiations, as both countries have stalled so far.
Domestic Gold Yields: Experienced a negative variance of up to Rs 4,300 per 100 grams, marking a second consecutive weekly contraction phase. Domestic Silver Yields: Exhibited a flatline trajectory, demonstrating 0% delta day-over-day.
MCX Benchmarks (Friday Close): Gold breached its support level, dipping below the Rs 1.59 lakh threshold. Silver concluded the weekly cycle compressed below Rs 2.72 lakh per 1 kg.
Spot Market Liquidity: Spot Gold retracted by ~1%, stabilizing at a $4,516/oz. Spot Silver absorbed the brunt of the market correction, declining ~2% to settle sub-$76/oz.
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