By considering, festivity of Gudi Padwa, Ugadi, Chaitra Navratri and Ramzan Eid; Sachin Jain, Regional CEO, India, World Gold Council suggest, for generations, gold has been much more than an investment in Indian culture – it is a symbol of good luck and a harbinger of good times, and our households have forged a strong cultural bond with it.
This legacy takes on a fresh meaning this year as gold’s momentum has seen prices rise to historic highs, currently at INR 90,000/10grams or US$3,000 per ounce. While these high prices seem to have a temporary impact on the jewellery demand, the gold investment demand on the other hand, continues to drive the market, as record domestic prices and inflows into gold ETFs, digital gold, coins and bars reiterate gold’s appeal.
The shine will get brighter as festivals like Gudi Padwa, Ugadi, Chaitra Navratri, and Ramzan Eid are approaching, and the timeless tradition of gold purchases to mark auspicious moments is set to further fuel consumer interest. Additionally, seasonal factors and wedding-related purchases continue to lend further support to this surge in purchases.
Though the industry is a bit cautious, but the overwhelming insights are towards that consumers belief in gold is stronger than ever. We anticipate a robust demand in coming weeks.
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