Key Points
Gold shot up to a lifetime high of `. 69,487 per 10 gm on Monday, marking a surge of 18.2% in the past six months, deepening the gloom among jewellers at Mumbais Zaveri Bazaar, who said the rise in prices is keeping customers away..
According to our estimate, demand for gold jewellery at Zaveri Bazaar has fallen by 70% in the March quarter, compared with October-December 2023...
Despite gold at an all-time high, the outlook still remains positive amid uncertainty over interest rate cuts by key central banks and (with) oil prices on the move, inching towards $90 per barrel, said Pranav Mer, vice-president, equity brokerage group, commodity and currency research, JM Financial Services...
There is hardly any fresh buying of gold happening, as prices have skyrocketed, said Kumar Jain, owner of Umedmal Tilokchand Zaveri, a jewellery house set up in 1915..
In India, the high price may initially impact customer buying patterns; yet, optimism is prevalent as Akshay Tritiya is round the corner, where we anticipate a surge in gold jewellery purchases, said Mitesh Khimji, director of Bhubaneswar-based Khimji Jewellers..
