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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.
Time of India
21-04-2025
- Business
- Time of India
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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Legendary Stars: Timeless Icons I Am Famous Undo 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.
