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Business Mayor
16-05-2025
- Business
- Business Mayor
Big respite for Indian consumers just ahead of wedding season
Kolkata consumers have major reasons for cheer just ahead of the oncoming wedding season as prices of gold, a staple in Indian marriages, have fallen quite a bit — by almost Rs 9,000 per 10 grams. Till about three weeks ago, the precious metal was ruling at around Rs 1,00,000 not just in Kolkata but in other cities too. Over the past 24 days, the steep price reset has brought gold down to Rs 91,750/10 grams levels (May 15 price data). This significant drop, one of the most considerable in recent history, has offered major respite to consumers just as the wedding season approaches, The Times of India reported. On April 21, the price of 10 grams of 24 carat gold surpassed the Rs 1 lakh threshold for the first time. The price continued to rise in the following days leading up to Akshay Tritiya, a propitious occasion traditionally associated with purchasing gold and precious metals. By April 30, the price of 24 carat gold had reached Rs 93,310 per 10 grams, before dropping to Rs 93,040 on May 12. Bablu De, president of Swarnashilpo Bachao Forum, noted that the local buyers had been anticipating this price correction. With the wedding season on the horizon, the decline in prices has started to generate excitement among potential purchasers. However, some buyers may opt to wait a bit longer before making their purchases, he told Uttiya Chowdhury from Anjali Jewellers said that this price adjustment has been a welcome relief amidst global market fluctuations and ongoing cross-border tensions. He indicated that the reduction in gold prices is advantageous for those intending to acquire wedding jewelry, as it allows them to purchase a greater quantity for their celebrations. Read More Pockets, Pleats, Cuffs, And Couture: The Best Pants For Men According to Shubadip Roy of Bengal Jewellery, the drop in prices over the past 20 days is unprecedented. He emphasised that buyers who were considering transforming older gold into new designs in anticipation of the wedding season can now afford to buy more gold due to this notable price correction. Suvankar Sen from Senco Gold Ltd pointed out that the consistent decline in prices has led buyers to worry that rates might rise again soon. He told ToI's Rohit Khanna, 'We are observing wedding buyers entering stores with concerns that prices may increase once more.' Jewellers in the city also shared the view that the current prices may not last indefinitely. Pratik Dugar, director of Indian Gem and Jewellery Creation, commented, 'This is merely a temporary correction. If we examine the global trends, we see that countries are augmenting their gold reserves, meaning there is little chance for prices to significantly decrease in the future.'
Time of India
16-05-2025
- Business
- Time of India
Big respite for Indian consumers just ahead of wedding season
Kolkata consumers have major reasons for cheer just ahead of the oncoming wedding season as prices of gold , a staple in Indian marriages, have fallen quite a bit -- by almost Rs 9,000 per 10 grams. Till about three weeks ago, the precious metal was ruling at around Rs 1,00,000 not just in Kolkata but in other cities too. Over the past 24 days, the steep price reset has brought gold down to Rs 91,750/10 grams levels (May 15 price data). This significant drop, one of the most considerable in recent history, has offered major respite to consumers just as the wedding season approaches, The Times of India reported. On April 21, the price of 10 grams of 24 carat gold surpassed the Rs 1 lakh threshold for the first time. The price continued to rise in the following days leading up to Akshay Tritiya, a propitious occasion traditionally associated with purchasing gold and precious metals. By April 30, the price of 24 carat gold had reached Rs 93,310 per 10 grams, before dropping to Rs 93,040 on May 12. Bablu De, president of Swarnashilpo Bachao Forum, noted that the local buyers had been anticipating this price correction. With the wedding season on the horizon, the decline in prices has started to generate excitement among potential purchasers. However, some buyers may opt to wait a bit longer before making their purchases, he told ToI. Anargha Uttiya Chowdhury from Anjali Jewellers said that this price adjustment has been a welcome relief amidst global market fluctuations and ongoing cross-border tensions. He indicated that the reduction in gold prices is advantageous for those intending to acquire wedding jewelry, as it allows them to purchase a greater quantity for their celebrations. According to Shubadip Roy of Bengal Jewellery, the drop in prices over the past 20 days is unprecedented. He emphasised that buyers who were considering transforming older gold into new designs in anticipation of the wedding season can now afford to buy more gold due to this notable price correction. Suvankar Sen from Senco Gold Ltd pointed out that the consistent decline in prices has led buyers to worry that rates might rise again soon. He told ToI's Rohit Khanna, "We are observing wedding buyers entering stores with concerns that prices may increase once more." Jewellers in the city also shared the view that the current prices may not last indefinitely. Pratik Dugar, director of Indian Gem and Jewellery Creation, commented, "This is merely a temporary correction. If we examine the global trends, we see that countries are augmenting their gold reserves, meaning there is little chance for prices to significantly decrease in the future."
Time of India
15-05-2025
- Business
- Time of India
Ahead of wedding season, gold price dips by 9k/10g
Kolkata: In the past 24 days, the price of gold in the city came down by nearly Rs 9,000 per 10 g. The dip in price, one of the highest in recent times, brought relief to the buyers ahead of the wedding season. On Thursday, the price of 24 carat gold was Rs 91,750 per 10 g in Kolkata. On April 21, the price of 10 g of 24 carat gold crossed the Rs 1 lakh mark for the first time. It continued to climb further in the next couple of days before Akshay Tritiya — one of the auspicious occasions to buy gold and expensive metals. On April 30, the price of 24 karat gold was Rs 93,310 per 10 g. It then slid to Rs 93,040 on May 12. "The buyers in the city have been waiting for this correction. The wedding season will begin soon, and the correction has started boosting enthusiasm among buyers. However, a section of buyers might prefer to wait for a few more days before placing their orders," said Bablu De, president of Swarnashilpo Bachao Forum. Anargha Uttiya Chowdhury of Anjali Jewellers felt this correction has come as a breather while the global market remains volatile and cross-border tension is still not over. "The fall of the gold rate is a good sign for those who are planning to get their wedding jewellery as they will be able to buy more gold for the occasion," he said. Shubadip Roy of Bengal Jewellery felt that the "decline in prices in the past 20 days is unprecedented". "Buyers who were planning to recycle old gold into new designs, keeping the wedding season in mind, will now be able to purchase more gold as the price correction is significant," he said. According to Suvankar Sen of Senco Gold Ltd, with a steady decline, buyers are apprehending that the price might climb up again soon. "We are seeing wedding buyers coming to stores with fear in their minds that the rate may increase again," he said. City jewellers, too, felt that the prevailing price may not hold for long. "This is a temporary correction. If you see the global data, countries have been increasing their gold reserves, so there's no chance of prices going down drastically in the future," said Pratik Dugar, director of Indian Gem and Jewellery Creation.
