Gold sales may reach 2019 level

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The sale of gold may reach the level of 2019 before Corona this year on Dhanteras. This is because gold prices have remained almost constant this year.

The Indian jewelery market is already on a recovery path. Jewelers expect good buying this time on the occasion of Dhanteras and Diwali. Such a trend has been seen in Navratri. According to jewelers, the work effect of the third wave of Corona as well as the stability in gold prices is showing the buying mood of the people.

The jewelery industry estimates that with good sales in 2021, we will reach the level before Corona. Along with the festival, the wedding season will also benefit. Gold prices are currently between 46 to 47 thousand per ten grams. This is 7% less than the year 2020.

Jewelers say that the sale of gold in Navratri was very good. This sale will also be visible on Dhanteras. The festive mood is strong this year as Corona is under control at the moment. Also the reason for this is the low gold prices and strong wedding season. In October and November this year, about 40% more sales can be made than in the whole year.

Kumar Jain, who runs a jewelery business in Mumbai, says that this year the industry has high hopes from the festive season. Gold prices had increased significantly in 2019 and 2020, but this year customers are getting gold cheaply. Motilal Oswal has expressed hope in one of his reports that by next year the price of gold may remain between Rs 52 to 53 thousand per ten grams.

Jewelers expect 20-25% growth this festive season as compared to last year. After almost two years, this year the trend of people in jewelery shopping is visible. Customers want to invest in jewelery and they want to buy it as an asset. Somasundaram PR, Managing Director, World Gold Council, says that we estimate that the October-December quarter could be the best quarter in recent years. Jewelery continues to be the preferred asset at the moment due to high demand, low prices and good monsoon.

Gold demand in India has grown by 47% year-on-year to 139 tonnes this year. Last year the demand was 94.6 tonnes. Gold demand had increased by 58% to 96.2 tonnes during July to September 2021.

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