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Gudi Padwa jewellery sales flat; demand for gold coins surges

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 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.

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National News

Govt Sources Have Rejected Bloomberg Report That RBI May Have Sold $12bn Worth Of Gold In The Two Weeks

The Share Of Gold In India’s Forex  Reserves Rose From 13.92% At End-September 2025 To 16.70% On March 31, 2026, And Further To 16.85% As Of May 22, 2026.

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A news report published by Bloomberg stating  that RBI may have sold gold amounting to approximately USD 12 billion is fake. The FactCheck  by PIB  on X clarified this  claim is fake. According to the Bloomberg report, a decline in the reported value of the RBI’s bullion reserves came despite an increase in import duties on gold, which would ordinarily have boosted the value of the central bank’s gold holdings.

According to RBI , the share of gold in India’s foreign exchange reserves rose from 13.92% at end-September 2025 to 16.70% on March 31, 2026, and further to 16.85% as of May 22, 2026.

The RBI has been actively repatriating its bullion holdings in recent years. By the end of April 2026, the central bank held 880.52  metric tonnes, with  77%  of its massive gold stash physically secured within India. The steady increase in gold repatriation over recent years suggests that the RBI, like several other emerging-market central banks, has become more cautious about keeping a large share of its reserves abroad. Concerns over the safety of overseas-held assets intensified after Western nations froze Russian reserves following the outbreak of the Ukraine conflict.

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