Gold prices cross Rs1 lakh per tola amid surge in sales and supply in rural areas
Nagpur: The yellow metal crossed the Rs1 lakh a tola (10 grams) mark on Monday after adding up GST to the base price of Rs99,750. This also takes the rates of gold to the psychological level of Rs1 crore a kg, said traders.
Amid gold rates riding high, traders have seen a heavy rush of sales of ornaments and even raw metal, especially in rural areas. This has left
bullion traders
with an abundant supply of the metal, allowing them to offer discounts in B2B sales, said sources in the market.
Traders say the heavy sales at the retail counters have been fuelled by rumours that the rates would fall to Rs56,000 a tola. The news, including a video on social media, spread so fast that even individuals in rural areas began selling the metal. If this helped them book profits, the retailers have been left with a huge supply of metal, said sources. Now, if the gold rates go up further the traders would book huge profits, said sources in the business.
Rajesh Thakker of M/s Dipti Jewellers, a bulk trading firm in Akola, confirmed that there was huge supply, especially from smaller towns. On the other hand, difference between rates of a tola of gold and one kg of silver have shrunk to a mere Rs400. This indicates that gold is moving up as silver rates have remained slow to catch up, he said.
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Rajesh Rokde, president of the Gems and Jewellery Association (GJC) — a national guild of traders — also accepted that there has been a major supply of metal by customers. Sources in the market said this has led to gold being offered at cheaper rates in the grey market.
For example, gold without GST is available for Rs99,750 a tola. In the normal course, the grey market dealers would have sold the metal at the same price. However, due to the excessive supply on account of selling by individuals, gold in the grey market is being offered at a discount of around Rs1,000 a tola, explained a trader requesting anonymity.
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