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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
29-04-2025
- Business
- Time of India
Jewellery trade faces mixed fortunes due to gold prices
Nagpur: Mixed sentiments will mark the jewellery trade on Akshaya Tritiya , the biggest gold-buying festival in Maharashtra, today. High prices may deter some consumers even though it is considered auspicious to buy gold on this day. For, jewellers, who usually hope for big sales, the hurried offloading of stocks over the past one month as prices went up is proving to be a dampener. Now, with the anticipated fall in prices nowhere to be seen, a number of gold traders are not in a position to buy more inventory at the current prices. So high prices are proving to be a deterrent for consumers as well as traders. For consumers, the recent easing of rates may be a bit beneficial in buying for the festival, say traders. On Tuesday, gold was priced at Rs96,400 a tola (10 grams), down from a peak of over Rs99,000, excluding GST. While this may encourage consumers, for a sizeable section of traders, the rates are still on the higher side compared to the price at which they sold the metal, says a trader. Normally, traders quickly replenish their stock. However, anticipating a crash, a section of traders sold off their gold in the open market to book profits. With the current market rates, they are unable to buy again. There are reports of a large number of traders being trapped in the bull market, said Rajesh Thakker of M/s Dipti Traders, a wholesale firm in Akola. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Upto 15% Discount for Salaried Individuals ICICI Pru Life Insurance Plan Get Quote Undo This was also confirmed by Nitin Khandelwal, a former director in the Gems and Jewellery Council (GJC), a nationwide trade guild. He said messages spread on social media took a heavy toll. Rajesh Rokde, president of GJC, though said the counters have bookings for taking delivery on Akshaya Tritiya. "It's festive time, and consumers are comfortable with the current prices," he said. Bharat of M/s Batukbhai and Sons said that apart from Akshaya Tritiya, the marriage season during the coming month is also driving consumers, despite the rates being on the higher side.
