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Business Standard
30-04-2025
- Business
- Business Standard
Akshaya Tritiya: Mumbai witness gold rush as Delhi markets go quiet
Gold demand remained strong in Mumbai this Akshaya Tritiya, even as markets in Delhi saw a sharp drop in footfall. Though prices have eased from their peak of ₹1 lakh per 10 grams earlier this month, they remain elevated, dampening demand in the national capital. In contrast, Mumbai's jewellery markets saw brisk sales. The Bombay Bullion Association expects at least 100 tonnes of gold to be sold by the end of the day — a stark contrast to the muted activity in Delhi. Jewellery stores in Mumbai's Zaveri Bazaar opened two hours earlier than usual, with customers queuing up from early morning. 'Gold coins are in high demand this Akshaya Tritiya. Around 40 per cent of Wednesday's purchases were coins, and the rest, jewellery,' said Kumar Jain, national spokesperson for The Bombay Bullion Association. As of Wednesday 5 pm, 62 tonnes of gold had been sold in Mumbai, with volumes expected to touch 100 tonnes by nightfall. Last year, the city saw 82 tonnes of gold sold on the same occasion. The price of 24-carat gold in Mumbai stood at ₹97,600 per 10 grams, while 22-carat gold was priced at ₹92,000 per 10 grams. In Delhi, however, shops wore a deserted look. Demand was down by 50 per cent, with high prices deterring buyers. 'Shops across Delhi's markets shut by 7 pm on Wednesday. I closed my store early and found similar scenes elsewhere,' said Yogesh Singhal, chairman of the All Bullion & Jewellers' Association. He added that customers didn't come in to exchange old gold today as it is an auspicious day. While the average ticket size remained around ₹1 lakh, fewer pieces were sold. 'Many customers opted for lightweight gold jewellery or even silver coins,' he said. Customers have otherwise been coming in to exchange old jewellery as gold prices are trending higher. In Delhi, 24-carat gold was priced at ₹98,000 per 10 grams, while 22-carat gold was selling for ₹90,000 per 10 grams. Meanwhile, Mumbai-based jeweller Popley & Sons reported steady sales volumes compared to last year, though the overall value was higher. 'We've seen a clear shift towards diamond jewellery this year. Urban buyers are more inclined to flaunt diamonds, especially with prices being relatively low. A one-carat solitaire now rivals the value of two gold bangles,' said Rajiv Popley, director of Popley Group.
Time of India
21-04-2025
- Business
- Time of India
Gold breaches Rs 1L mark/10g, including GST
HYDERABAD: After days of flirting with the Rs 1 lakh/10gm mark (24K) on the back of the Donald Trump-Xi Jinping slugfest, gold finally breached this psychological barrier for the first time in the Indian markets on Monday evening after the yellow metal scaled the $3,400/Oz mark to hit yet another all-time high of $3,430 in the international spot market. "On Monday evening gold was selling at Rs 1,00,250 with taxes (3% GST) in the Delhi market," confirmed Yogesh Singhal, chairman of the Delhi-based All Bullion & Jewellers Association. On MCX too, prices of the yellow metal hit an all-time high of Rs 97365 (June futures). With this, gold has gained by 30% since Jan 1, 2025, and 14.5% since the April 8, 2025 low of $2982, pointed out Avinash Gupta, vice-chairman, All India Gem & Jewellery Domestic Council. Gupta pointed out that it took time to breach this mark because gold has been selling at a discount of 60-65% to the international price in the Indian market and the Indian Rupee has strengthened due to the weakening dollar amid the tariff wars. "Due to tariff tensions between China and the United States, China is consistently selling dollars and US bonds to purchase gold, leading to a sharp rise in gold prices. The US President is also attempting to remove Federal Reserve chairman Powell," said Surendra Mehta, national secretary, India Bullion and Jewellers Association. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Avail 30:70 Pay Plan 3,4& 5 BHK Ultra Luxury Homes by MICL Group in Tardeo MICL - Halleys Of Opulence Book Now Undo According to Saumil Gandhi, senior analyst-commodities, HDFC Securities, factors such as a strong demand for safe-haven assets , driven by the uncertainty surrounding US President Donald Trump's international trade policies, have heightened the likelihood of a US recession. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
