In May, a 20% increase in sales was seen on Akshaya Tritiya, despite gold prices being higher.
With the price of gold falling below Rs 50,000, sales will definitely pick up.
Advance booking of jewelery has increased to avoid possible hike in gold prices.
Mumbai. gold prices (Gold Price) Has come down to a low of 6 months. In such a situation, due to the close of the festive season, the expectation of strong demand in the jewelery sector has increased. On the other hand, the industry expects gold prices to remain lower in the coming months as the US Federal Reserve on Wednesday increased interest rates by 75 basis points to 3-3.25%.
In May, a 20% increase in sales was seen on Akshaya Tritiya, despite the gold price being higher than the current level. During Akshaya Tritiya, when it is considered auspicious to buy gold, the gold price was around Rs 48,000 per 10 grams. The price of 22-carat gold used in making jewelery fell to a low of Rs 45,800 per 10 grams on Wednesday. On Thursday, the price rose slightly to Rs 46,000.
Gold will fall further due to rise in dollar
Ashish Pethe, Chairman, All India Gem and Jewelery Domestic Council said, “Navratri festival is going to start from Monday, so it is good that gold has become cheaper. Gold price falling below Rs 50,000 will definitely boost sales. At the same time, when the demand increases in the coming days, the rate may not increase much, it can go up to Rs 400 to 500.
Gold price can go up to 44900
At the same time, in the month of April, the price of gold had reached 48400, which was the highest in the year 2022. If the dollar continues to rise, then the gold price can go up to 44900. As the wedding season is about to start from next month, advance booking of gold jewelery has increased to avoid possible hike in prices.
B Govindan, Chairman, Bhima Jewelers said, “People are watching the gold price every day and later booking the jewelery for delivery by paying around 10% in advance.” Industry experts say that a weak rupee and high demand in the Indian market will prevent gold prices from falling further. At the same time, after the increase in interest rates, the dollar index reached a new high of 111.6 on Thursday.
FIRST PUBLISHED : September 22, 2022, 18:14 IST