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 79,000/10 grams, 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 on 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 ETF’s, 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.”
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