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Time of India
27-04-2025
- Business
- Time of India
Gold price slips by 1k/10g; Kolkata buyers hope for further slump ahead of Akshay Tritiya
1 2 Kolkata: While the gold prices softened a bit after touching the Rs 1 lakh-mark for 10 g in Kolkata, buyers are waiting for a further decline in prices before Akshay Tritiya, which is on April 30. City jewellers, who have already come out with offers, get almost one-third of their annual sales from Akshay Tritiya each year. On Sunday, the price of 10 g of 24 Karat gold hovered around Rs 99,000, nearly Rs 1,000 less than what it was a week back. Gold prices were on a historic high over the past three years. Between May 2022 and April 2024, the price of 24 Karat gold doubled when it touched the Rs 1 lakh mark on April 21. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata "We witnessed fluctuations in gold prices in the past six days. While it was Rs 1 lakh on April 21, it came down to Rs 98,800 on April 23. It went up marginally to Rs 99,000 per 10 gm on Sunday. This fluctuation created some amount of confusion among the buyers," said Shubadip Roy, zonal member of the All India Gem and Jewellery Domestic Council. According to Rupak Saha, zonal member of the Gem and Jewellery Trade Council of India, with sudden price fluctuations, the market got confused even in the past. "This is quite common every time we witness sudden fluctuation. Moreover, the tension between India and Pakistan and the recovery of the stock market also halted buying for a few days," Saha said. Abhishek Naiya, a fashion designer living in Kasba, invested in small gold biscuits or coins over the past few years. "I keep on buying the metal solely with the purpose of investing. I invested in gold like that over the last three to four years. The price of gold has not come down over the past several years. Investors like me keep on buying gold in smaller amounts," Naiya said. Suvankar Sen, MD and CEO of Senco Gold Ltd , felt that the Rs 1 lakh-mark created a mixed feeling among buyers. "On the one hand, they were happy to see the price of old gold appreciate significantly. On the other hand, people also wait for the price of gold to soften when they are buying the metal," he said. "We presume that this volatility in the market will continue throughout this year. Consumers, in such situations, prefer to buy gold as it is a safe haven for them. We don't see any significant price correction immediately," said Anarghya Uttiya Chowdhury, director of Anjali Jewellers.
Time of India
21-04-2025
- Business
- Time of India
Nine days before Akshaya Tritiya, gold touches 1 lakh in Kol mkts
1 2 3 Kolkata: Price of 10 gm gold of 24-carat purity in Kolkata touched the Rs 1-lakh mark with GST on Monday evening, nine days before Akshaya Tritiya — the day on which jewellers in the city witness the largest sale volumes. While the jewellers don't see any change in the pricing trends any time soon, they claimed that Akshaya Tritiya sales will not be hit by the price points. "The price of gold touched Rs 1 lakh on Monday evening. We anticipated this, and the industry was prepared for such a rise. Gold has always been pricey, and people bought gold despite that. However, with sudden price fluctuations, the market got confused at times. But people accepted the price hike," said Rupak Saha, zonal member of the Gem and Jewellery Trade Council of India. Gold price has been on a steep curve over the past three years, and they doubled during this period. In May 2022, the price of gold (24 carat) was Rs 52,900 for 10 grams, and it climbed to Rs 60,000 the next year. In May 2024, the price was hovering around Rs 68,700 per 10 grams before it witnessed the steepest climb in the past year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Moose Approaches Girl At Bus Stop In Tambovskaya Oblast - Watch What Happens Happy in Shape Undo "The price of gold at 6 pm was Rs 99,710, and in the next two hours, it touched the Rs 1,00,000-mark. This is the only sector where people are getting a very strong return on their investments. Even those who bought gold during Poila Boisakh are in profit now. This growth cannot be witnessed in any other sector within a fortnight," said Shubadip Roy, zonal member of the All India Gem and Jewellery Domestic Council. "Customers will continue to buy gold as they have confidence in gold. However, the spike in price will impact sales by volume. We can see an impact in terms of volume, but not in value terms," said Suvankar Sen, MD and CEO of Senco Gold and Diamonds. City jewellers, who are already on the verge of announcing offers for the Akshaya Tritiya week, said that even if the market witnesses downward corrections in price in the days to come, it will be temporary. But the high price of gold will shift the buying more towards light gold jewellery and diamonds. "If the current trend continues, we may see an upward price movement in the short term, maybe by 5%-7%. The market seems to remain volatile during 2025, and it is the ideal time for investors, too. We are expecting healthy sales during Akshaya Tritiya as customers' confidence in gold will be even stronger now," said Anargha Uttiya Chowdhury, partner of Anjali Jewellers.
