Gold jumped 1.85 per cent on Tuesday to nearly the highest point in one month, following a global move and sharp increase in festive demand locally over the past three days of market closure.
Standard gold was trading at Rs 30,550 per 10g on Tuesday evening, a rise of Rs 555 from the previous closing of Rs 29,995 per 10g on Friday. This level was not seen after October 4. Physical markets remained closed for three days on the occasion of Diwali and the new Samvat year.
Starting with Dhanteras, the bullish sentiment continued on Tuesday, with traders booking afresh amid expectation of a further rise in prices. Gold in London jumped nearly one per cent since Friday to trade at $1,287.8 an ounce. Silver reported a sharp increase of 2.9 per cent to trade early Tuesday at $18.27 an oz.
“Gold in India has jumped due to sharp increase in its prices globally. In London, gold has risen by nearly $14 in the pre-United States election impact. The metal might pause for a small correction in the short term before taking its further leap till the US election,” said Prithviraj Kothari, Managing Director, RiddiSiddhi Bullions.
Gold prices hit 1-month high on robust demand
Gitanjali Gems have been luring customers with cheaper substitutes like Lumineux Uno, a new-age metal alloy created through a combination of four precious metals (palladium, platinum, gold and sterling silver) in a single composition. Lumineux Uno has been launched in India for the first time and is available as bars and coins in white, yellow and rose. It is also being used to create 'Princess', a new jewellery collection.
Gitanjali claims Lumineux serves as an alternative for metals like gold/silver or platinum which display wide price fluctuation. This makes an attractive option for small investors who have been looking for more stable and long-term investment choices. As well as for jewellery lovers who yearn for a metal that shines brightly and lasts long but is more affordable.
Following a sharp increase in festive demand, the earlier discount of $15-20 to the imported gold price has evaporated; also bullion dealers have started quoting a $10-15 premium to buyers. Inventory has drained as imports into India remained lacklustre over the past six-seven months on weak demand. In October, however, imports rebounded with overall delivery to Indian purchasers estimated at 70-80 tonnes as compared to an average 25-30 tonnes since March. “This Dhanteras and Diwali season, gold demand was robust as buyers remained absent for over six months from the market. Those who had postponed their purchase have come back with fresh orders. Since the long winter wedding season is setting in, buyers have started placing orders. So, gold and jewellery demand is expected to continue uninterrupted,” said Kumar Jain, Director, Umedmal Tilokichand Zaveri, a bullion dealer and jewellery retailer.
G V Sreedhar, chairman, All India Gems & Jewellery Trade Federation, believes the bullish trend in bullion would continue and gold would hit $1,450 an oz in the international market, translating to Rs 33,500–34,000 per 10g in India. A good monsoon, followed by a positive trend set through implementation of the new pay commission, etc, has revived overall sentiment towards bullion in India, he said.
Silver also glittered on Tuesday in the international markets, trading at $18.27 an oz as compared to $17.76 an oz on Friday.
According to Rahul Mehta, managing director, Silver Emporium, a Zaveri Bazaar-based silver stockist and retailer, the festive season had set a robust trend for the ensuing wedding season. “Silver is in a buying zone now, which offers immense opportunity for consumers,” he said.
Standard gold was trading at Rs 30,550 per 10g on Tuesday evening, a rise of Rs 555 from the previous closing of Rs 29,995 per 10g on Friday. This level was not seen after October 4. Physical markets remained closed for three days on the occasion of Diwali and the new Samvat year.
Starting with Dhanteras, the bullish sentiment continued on Tuesday, with traders booking afresh amid expectation of a further rise in prices. Gold in London jumped nearly one per cent since Friday to trade at $1,287.8 an ounce. Silver reported a sharp increase of 2.9 per cent to trade early Tuesday at $18.27 an oz.
“Gold in India has jumped due to sharp increase in its prices globally. In London, gold has risen by nearly $14 in the pre-United States election impact. The metal might pause for a small correction in the short term before taking its further leap till the US election,” said Prithviraj Kothari, Managing Director, RiddiSiddhi Bullions.
Gold prices hit 1-month high on robust demand
Gitanjali Gems have been luring customers with cheaper substitutes like Lumineux Uno, a new-age metal alloy created through a combination of four precious metals (palladium, platinum, gold and sterling silver) in a single composition. Lumineux Uno has been launched in India for the first time and is available as bars and coins in white, yellow and rose. It is also being used to create 'Princess', a new jewellery collection.
Gitanjali claims Lumineux serves as an alternative for metals like gold/silver or platinum which display wide price fluctuation. This makes an attractive option for small investors who have been looking for more stable and long-term investment choices. As well as for jewellery lovers who yearn for a metal that shines brightly and lasts long but is more affordable.
Following a sharp increase in festive demand, the earlier discount of $15-20 to the imported gold price has evaporated; also bullion dealers have started quoting a $10-15 premium to buyers. Inventory has drained as imports into India remained lacklustre over the past six-seven months on weak demand. In October, however, imports rebounded with overall delivery to Indian purchasers estimated at 70-80 tonnes as compared to an average 25-30 tonnes since March. “This Dhanteras and Diwali season, gold demand was robust as buyers remained absent for over six months from the market. Those who had postponed their purchase have come back with fresh orders. Since the long winter wedding season is setting in, buyers have started placing orders. So, gold and jewellery demand is expected to continue uninterrupted,” said Kumar Jain, Director, Umedmal Tilokichand Zaveri, a bullion dealer and jewellery retailer.
G V Sreedhar, chairman, All India Gems & Jewellery Trade Federation, believes the bullish trend in bullion would continue and gold would hit $1,450 an oz in the international market, translating to Rs 33,500–34,000 per 10g in India. A good monsoon, followed by a positive trend set through implementation of the new pay commission, etc, has revived overall sentiment towards bullion in India, he said.
Silver also glittered on Tuesday in the international markets, trading at $18.27 an oz as compared to $17.76 an oz on Friday.
According to Rahul Mehta, managing director, Silver Emporium, a Zaveri Bazaar-based silver stockist and retailer, the festive season had set a robust trend for the ensuing wedding season. “Silver is in a buying zone now, which offers immense opportunity for consumers,” he said.
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