Gujarat: Prepare to pay more for gold this season

AHMEDABAD: Are you planning to buy gold during this festive season? Be prepared to shell out extra as gold prices are rallying ahead of run up to the season, with good sales expected. Backed by robust demand and tracing the international rally, gold prices have risen by Rs 1,400 per 10g in ten days. Prices of the yellow metal prices rose from Rs 47,600 on September 30 to Rs 49,000 on Wednesday.
Haresh Acharya, national director, India Bullion and Jewellers’ Association (IBJA), said, “Gold prices have rallied over the past three days in the international market. Moreover, the rupee depreciated against the US dollar due to which the effective price of gold in the Indian market is high. Demand has also shown an increase in the domestic market ahead of the festival season, which may also propel prices up. However, we expect gold prices to remain in the current range and don’t foresee a surge in the near future and clearly, people have accepted this price and are making purchases.”

Jewellery demand has picked up well since Navratri and is expected to grow, on account of muhurats such as Dussehra, Pushya Nakshatra, Dhanteras, Diwali and New Year.
Manoj Soni, an Ahmedabad-based jeweller, said, “Over the past two months, demand for gold jewellery has surged. Due to the pandemic, many weddings were postponed last year and were deferred to this year, which is propelling demand for jewellery. At least 50% of purchases are being made in exchange for old gold and the rest are through cash, card and cheque.”

Courtesy: TOI