As Dussehra is around the corner and every gold buyer & seller is watching the gold jewelelry and gold price! This is the gold jewellery buying season until Diwali & up to Christmas, New Year 2024 that includes vibrating wedding season 2023.
At the juncture of Dussehra 2023, Prithviraj Kothari, MD CEO of RiddiSiddhi Bullions Limited (RSBL) shared his view & said, Gold prices have appreciated sharply from Rs 56,000 to Rs 60000 in 10 days as an escalation in the Israel-Hamas conflict spurred concerns over a spillover into the broader Middle East region, which in turn fuelled demand for conventional safe havens.
Investment demand and Physical Retail Demand is back, supporting the prices. The fundamental and technical landscape has improved with a long-term bullish view. I expect prices to trade at least 10% higher from current levels by next year, so auspicious day like Dusshera is the best time to buy Gold.
At the occasion, Somasundaram PR, Regional CEO-India, World Gold Council gaze on the gold demand around Dusshera. He said, “Gold prices in India have gone up marginally in the past fortnight largely due to the current geopolitical tensions in the Middle East. While gold’s safe haven attributes always come to the fore during periods of anxiety, it is also true that measures to counter inflation have been successful near term which acts as a tailwind.
A variety of other factors are also at play such as positive net interest scenario but a fall in domestic savings, stock market volatility amidst a highly optimistic domestic economic sentiment, mixed signals on rural demand from FMCG but significant footfalls on jewellery B2B events in recent times and rising GST collections pointing to better compliance and growth, all of which make this festive quarter for gold look very positive but with significant challenges. Anecdotal feedback from retailers suggests good pickup in gold jewellery demand around Dusshera festival.”
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