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Time of India
29-04-2025
- Business
- Time of India
Gold prices to dampen after Akshaya Tritiya? Experts offer cautious stance
Gold demand in India is showing no signs of slowing down, even after prices surpassed the record high of Rs 1 lakh per 10 grams, with Akshaya Tritiya just around the corner. The auspicious day, associated with prosperity, sees many people purchasing gold and silver as symbols of wealth and good fortune. Why does gold continue to attract buyers despite sky-high prices? The yellow metal continues to lure customers, thanks to its impressive returns over the past two years. Experts attribute the surge in consumer interest to a growing preference for lightweight designs and studded jewellery. Rajesh Rokde, chairman of the Gem and Jewellery Council of India (GJC), said gold has provided consistent returns of 20–25% annually over the last two years, boosting consumer confidence. 'Last year, on Akshaya Tritiya, the gold price was Rs 72,000 per 10 gm, and in 2023 it was Rs 58,000. With an annual growth rate of 20–25%, this steady increase is attracting numerous buyers. Because of this rally in gold, people are increasingly investing in it due to the strong returns over the past two years,' Rokde told ANI. He further added that India imported 802 tonnes of gold in 2024, up from 741 tonnes in 2023, reflecting continued strong demand despite soaring prices. Jewellers, too, are gearing up for a busy season. Saurabh Gadgil, chairman and managing director of PNG Jewellers, said the overlap with the wedding season has further boosted footfall. 'This year, Akshaya Tritiya is falling at the cusp of a packed wedding season. We anticipate a strong turnout, both for fresh purchases and for deliveries scheduled on the day. Rising gold prices have accelerated consumer interest in studded jewellery,' he said, adding that many are also exchanging old gold to buy bridal ornaments. Pullback in the yellow metal? Commodity analysts believe that gold prices are likely to see a pullback in the coming months, after the ongoing upward momentum, and offered a more cautious outlook on future returns. Ajay Kedia, director of Kedia Advisory, said, 'Gold has delivered an impressive return of about 32% since the last Akshaya Tritiya. However, for the year ahead, it is advisable to buy gold only for ceremonial purposes rather than with an investment motive, as returns are expected to moderate to around 6–7%, in line with inflation. As a result, a cooling in gold prices is anticipated towards the Rs 86,000–Rs 87,000 level. ' Kaynat Chainwala, AVP of commodity research at Kotak Securities, attributed the recent dip in gold prices on COMEX and MCX to global market dynamics, noting that easing US tariffs and improved investor sentiment played a key role in the decline. She said that broadly, uncertain trade negotiations and upcoming economic data are expected to keep gold prices range-bound in the near term. 'Further pullbacks cannot be ruled out if sentiment continues to improve, but any escalation in trade tensions could lend renewed support to gold prices, keeping investors cautious and focused on headlines,' she said. Still, some analysts remain optimistic. Manav Modi, senior analyst at Motilal Oswal Financial Services, continues to recommend a 'buy on dips' approach. 'Key support for gold is near Rs 90,000–Rs 91,000, and resistance is around Rs 99,000. Long-term targets are set at Rs 1,06,000,' he said. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
Time of India
29-04-2025
- Business
- Time of India
Gold demand to dampen after Akshaya Tritiya? Experts offer cautious stance
is showing no signs of slowing down, even after prices surpassed the record high of Rs 1 lakh per 10 grams, with just around the corner. The auspicious day, associated with prosperity, sees many people purchasing gold and silver as symbols of wealth and good fortune. Tired of too many ads? go ad free now Why does gold continue to attract buyers despite sky-high prices? The yellow metal continues to lure customers, thanks to its impressive returns over the past two years. Experts attribute the surge in consumer interest to a growing preference for lightweight designs and studded jewellery. Rajesh Rokde, chairman of the Gem and Jewellery Council of India (GJC), said gold has provided consistent returns of 20–25% annually over the last two years, boosting consumer confidence. 'Last year, on Akshaya Tritiya, the gold price was Rs 72,000 per 10 gm, and in 2023 it was Rs 58,000. With an annual growth rate of 20–25%, this steady increase is attracting numerous buyers. Because of this rally in gold, people are increasingly investing in it due to the strong returns over the past two years,' Rokde told ANI. He further added that India imported 802 tonnes of gold in 2024, up from 741 tonnes in 2023, reflecting continued strong demand despite soaring prices. Jewellers, too, are gearing up for a busy season. Saurabh Gadgil, chairman and managing director of PNG Jewellers, said the overlap with the wedding season has further boosted footfall. 'This year, Akshaya Tritiya is falling at the cusp of a packed wedding season. We anticipate a strong turnout, both for fresh purchases and for deliveries scheduled on the day. Rising have accelerated consumer interest in studded jewellery,' he said, adding that many are also exchanging old gold to buy bridal ornaments. Tired of too many ads? go ad free now Pullback in the yellow metal? Commodity analysts believe that gold prices are likely to see a pullback in the coming months, after the ongoing upward momentum, and offered a more cautious outlook on future returns. Ajay Kedia, director of Kedia Advisory, said, 'Gold has delivered an impressive return of about 32% since the last Akshaya Tritiya. However, for the year ahead, it is advisable to buy gold only for ceremonial purposes rather than with an investment motive, as returns are expected to moderate to around 6–7%, in line with inflation. As a result, a cooling in gold prices is anticipated towards the Rs 86,000–Rs 87,000 level. ' Kaynat Chainwala, AVP of commodity research at Kotak Securities, attributed the recent dip in gold prices on COMEX and MCX to global market dynamics, noting that easing US tariffs and improved investor sentiment played a key role in the decline. She said that broadly, uncertain trade negotiations and upcoming economic data are expected to keep gold prices range-bound in the near term. 'Further pullbacks cannot be ruled out if sentiment continues to improve, but any escalation in trade tensions could lend renewed support to gold prices, keeping investors cautious and focused on headlines,' she said. Still, some analysts remain optimistic. Manav Modi, senior analyst at Motilal Oswal Financial Services, continues to recommend a 'buy on dips' approach. 'Key support for gold is near Rs 90,000–Rs 91,000, and resistance is around Rs 99,000. Long-term targets are set at Rs 1,06,000,' he said.
Time of India
29-04-2025
- Business
- Time of India
Gold demand remains strong this Akshaya Tritiya as high returns attract buyers; experts caution price pullback likely
New Delhi: Gold demand in India is expected to remain strong during Akshaya Tritiya this year, despite the surge in prices, as buyers are drawn by the high returns seen over the past two years. #Pahalgam Terrorist Attack The groundwork before India mounts a strike at Pakistan India considers closing airspace to Pakistani carriers amid rising tensions Cold Start: India's answer to Pakistan's nuclear threats Experts say that despite a surge in rates, there will be accelerated consumer interest in the yellow metal with people moving towards lightweight and studded jewellery. Commodity experts, however, believe that there will likely be a pullback in gold prices in the coming months, following the recent sharp uptick, with prices crossing Rs 1 lakh per 10 grams. Rajesh Rokde, Chairman of the Gem and Jewellery Council of India (GJC), told that gold has delivered an annual return of 20-25 per cent over the last two years. "Last year, on Akshaya Tritiya, the gold price was Rs 72,000/ 10 gm, and in 2023 it was Rs 58,000. With an annual growth rate of 20-25 per cent, this steady increase is attracting numerous buyers. Because of this rally in gold, people are increasingly investing in it due to the strong returns over the past two years," he said. Live Events Rokde added that India imported 802 tonnes of gold in 2024, compared to 741 tonnes in 2023, showing a clear rise in both value and volume of demand. This indicates that, despite the price increase, gold consumption continues to rise annually. Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers, said, "This year, Akshaya Tritiya is falling at the cusp of a packed wedding season. We anticipate a strong turnout, both for fresh purchases and for deliveries scheduled on the day. Rising gold prices have accelerated consumer interest in studded jewellery." He also noted that many customers are exchanging old gold for new bridal jewellery to manage costs. However, commodity experts offered a more cautious view on gold's future returns. Ajay Kedia, Director of Kedia Advisory, noted that while gold has delivered approximately 32 per cent returns since the last Akshaya Tritiya, the coming year may see more modest gains of around 6-7 per cent. "Gold has delivered an impressive return of about 32 per cent since the last Akshaya Tritiya. However, for the year ahead, it is advisable to buy gold only for ceremonial purposes, rather than with an investment motive, as returns are expected to moderate to around 6-7 per cent, in line with inflation. As a result, a cooling in gold prices is anticipated towards Rs 86000-Rs 87000 level," he said. Kaynat Chainwala, AVP - Commodity Research at Kotak Securities, added that global developments are impacting gold prices. She said COMEX and MCX gold prices fell earlier due to an easing US auto tariffs and improved investor sentiment. "Overall, uncertainty surrounding trade negotiations and upcoming economic data is likely to keep gold prices range-bound in the near term. Further pullbacks cannot be ruled out if sentiment continues to improve, but any escalation in trade tensions could lend renewed support to gold prices, keeping investors cautious and focused on headlines," she noted. Manav Modi, Senior Analyst at Motilal Oswal Financial Services maintains a "buy on dips" strategy. "Key support for gold is near Rs 90,000-91,000, and resistance is around Rs 99,000. Long-term targets are set at Rs 1,06,000," he said.
Zawya
23-04-2025
- Business
- Zawya
Gold prices hit new record high in Oman
Muscat: Gold prices in Oman hit a record high on Tuesday morning, April 22, with 24-carat gold surpassing OMR 44 per gram for the first time amid global economic uncertainty. At 3pm Oman time on Tuesday, 24K rose to OMR44.050 per gram. Among the other variants, 22K, 21K and 18K surged to OMR 41.200, OMR38.250 per gram, and OMR 32.600 per gram, respectively. Najeeb K, Regional Head, Malabar Gold & Diamonds, said, 'Despite gold prices reaching record highs this week, customer sentiment has remained resilient across our showrooms. Demand continues to be steady, highlighting the deep-rooted belief in gold's enduring value and its role as a secure and value appreciating investment.' He also said while a small slowdown in purchases can be expected amongst price-conscious consumers, such dips are typically short-lived as consumers adapt to the new price range. 'Notably, there has been no significant rise in gold exchange transactions, indicating that customers are holding onto their gold assets — a strong sign of their trust in its lasting worth and stability,' he said. Analysts say gold has traditionally been seen as a hedge against inflation and global economic uncertainty. 'With the current global economic situation marked by instability, investors are increasingly turning to gold as a safe and reliable asset. This trend has only grown stronger as gold continues to break records,' one of them said. Rajesh Rokde, Chairman of the Gem and Jewellery Council of India (GJC), pointed to the ongoing trade war between some countries as one of the main reasons behind the surge in gold prices. While short-term fluctuations may occur, the broader outlook for gold remains strong, with analysts expecting continued demand amid global economic uncertainty. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
22-04-2025
- Business
- Times of Oman
Gold prices hit new record high in Oman
Muscat: Gold prices in Oman hit a record high on Tuesday morning, April 22, with 24-carat gold surpassing OMR 44 per gram for the first time amid global economic uncertainty. At 3pm Oman time on Tuesday, 24K rose to OMR44.050 per gram. Among the other variants, 22K, 21K and 18K surged to OMR 41.200, OMR38.250 per gram, and OMR 32.600 per gram, respectively. Najeeb K, Regional Head, Malabar Gold & Diamonds, said, 'Despite gold prices reaching record highs this week, customer sentiment has remained resilient across our showrooms. Demand continues to be steady, highlighting the deep-rooted belief in gold's enduring value and its role as a secure and value appreciating investment.' He also said while a small slowdown in purchases can be expected amongst price-conscious consumers, such dips are typically short-lived as consumers adapt to the new price range. 'Notably, there has been no significant rise in gold exchange transactions, indicating that customers are holding onto their gold assets — a strong sign of their trust in its lasting worth and stability,' he said. Analysts say gold has traditionally been seen as a hedge against inflation and global economic uncertainty. 'With the current global economic situation marked by instability, investors are increasingly turning to gold as a safe and reliable asset. This trend has only grown stronger as gold continues to break records,' one of them said. Rajesh Rokde, Chairman of the Gem and Jewellery Council of India (GJC), pointed to the ongoing trade war between some countries as one of the main reasons behind the surge in gold prices. While short-term fluctuations may occur, the broader outlook for gold remains strong, with analysts expecting continued demand amid global economic uncertainty.
