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Time of India
30-04-2025
- Business
- Time of India
Gold drops Rs4,100 from April peak on Akshaya Tritiya, sales mixed amid high prices
Nagpur: Gold prices dipped to Rs95,400 per 10 grams (tola) on Akshaya Tritiya on Wednesday — a fall of Rs4,100 from the April peak of Rs99,500. However, the yellow metal remains significantly costlier compared to last year, when it was priced at Rs80,600 on the same day. Silver held steady at Rs96,000 per kg. Jewellers in Nagpur and across the country reported mixed sales trends on Wednesday. While value-wise business may have seen an uptick due to higher rates, the volume of gold sold — measured in weight — has likely declined. "Sales are up in value terms, but we expect a 40% drop in volume compared to earlier years," said Pradeep Kothari of M/s Karan Kothari Jewellers. "Customers are buying, but less in quantity." Nitin Khandelwal, former director of the Gems and Jewellery Council (GJC), said that sales on Akshaya Tritiya in 2024 had already declined compared to 2023 due to price hikes. "Crowds are visible in stores, but the final tally will be clearer the next day," he added. Rajesh Rokde, president of GJC and a city-based jeweller, said customers have gradually accepted high prices, and overall sales were in line with expectations. "Despite the drop from the April peak, gold is still expensive. Yet, buyers are participating, possibly with adjusted budgets," he said. In his capacity as the national chairman of the jewellers' guild, Rokde estimated that total sales across India could touch Rs20,000 crore on Wednesday. "According to GJC's estimates, monthly transactions involving up to 1,200 tonnes of gold take place — 800 tonnes through imports and another 400 tonnes received from customers selling old gold." He further added that the annual average gold turnover is around 3.5 tonnes in terms of physical weight. "On Akshaya Tritiya, the volume typically rises 6 to 7 times, reaching around 20 tonnes in a single day. At current prices, that translates to ₹20,000 crore in value," he explained. Though the day remained active in many parts of India, a clearer sales picture is expected once the World Gold Council (WGC) releases its data.
Time of India
22-04-2025
- Business
- Time of India
Bullion Bull Run: 1 tola gold costlier than a kg of silver
Nagpur: The gold-silver equation has gone haywire. In a rare instance, traders say 1kg of silver is cheaper than one tola (10 gram) of gold, indicating a sharp increase in gold prices. On Tuesday, the rate of a tola of gold stood at Rs99,000 (Rs101,970 with GST), while one kg of silver was at Rs97,000. The yellow metal crossed the Rs1 lakh mark with GST on Monday itself. A difference of Rs2,000 is not only significant but, but also not in line with the normal trends, say traders. A tola and a kg are standard measures for gold in the domestic market. Globally, the rates are quoted in dollars per ounce. Normally, one kg of silver remains costlier than one tola of gold. This indicates a one-sided rally in the price of gold, which has now left silver behind. The sliding dollar, differences between the US President and Fed chief, and volatile geopolitical situations have led to funds being parked in gold, fuelling its price. The same factors have impacted the industrial consumption of silver, keeping its rates moderate. Silver also has an industrial use while gold is used in ornaments and as a safe haven asset. Rajesh Rokde, president of Gems and Jewellery Council (GJC), said this shows that if gold is racing ahead, silver still has some headroom. TOI collected the last five years' rates from the local market at Sarafa Oli in Itwari. A person who invested in the yellow metal in the Covid year of 2020 now stands to gain more than double the principal amount. Silver, on the other hand, has given 25% returns since then. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Oldest Stars Who Are Still Alive And Often Forgotten Boite A Scoop Undo Around March-April 2020, gold rates stood at Rs41,600 a tola, now touching Rs99,000 (without GST), an increase of 137% since then. Silver, on the other hand, gave over 25% returns compared to the physical market rates. Meanwhile, the gold exchange-traded funds (ETF) rates have also crossed Rs81 a unit, while silver ETFs are over Rs93 on average. Investors in sovereign gold bonds got a price of Rs9,669 per unit for premature redemption of bonds issued in October 2018, again giving handsome returns, said market sources.
