The purchase of gold in the Indian gold market continues. Gold prices have also fallen in the festive season, due to which the markets are buzzing. However, its premium declined slightly a week ago, while sales also fell on a year-on-year basis. Let us know that gold buying started on the day of Dhanteras on 13 November.
Ashok Jain, the proprietor of Mumbai-based gold wholesaler Chenji Narasimhaji, said, “Jewelry showrooms have been seeing a boom for the past few days.” Retail jewelry demand has improved. “Dealers put a premium of about $ 2 an ounce on official domestic prices, including 12.5% import and a 3% sales levy, down from $ 4 last week.
On Friday, local futures gold was trading at Rs 50,083 per 10 grams, with prices remaining 10% below the highest level . Even after this, it was historically high. But it was down 10% from the figure to hit a high of Rs 56,191 in August.
A Mumbai-based dealer has told Private Bullion Importing Bank that many buyers have returned due to the improvement in gold prices, which had gone away due to high prices.
Physical gold has been sold internationally in Singapore at $ 1.40 an ounce in prices. Vincent Ty, sales manager at Silver Bullion, said that as retail prices strengthened, prices remained firm, with some investors taking advantage of lower prices.
Gold demand will increase in wedding season,
weddings season is going to start this week. In such a situation, traders believe that the demand for retail gold in the country will increase. Sony shopping is decided at weddings. In such a situation, buying gold will increase in the coming days. National Secretary of the India Bullion and Jewelers Association, Surendra Mehta said that the purchase of gold will continue ahead of the wedding season.
Gold and silver prices from November 16 to 20
- November 16: Gold closed at Rs 51246. Silver closed at Rs 64101.
- November 17: Gold closed at Rs 51054. Silver closed at Rs 63386.
- November 18: Gold closed at Rs 50627. Silver closed at Rs 62605.
- November 19: Gold closed at Rs 50319. Silver closed at Rs 61505.
- November 20: Gold closed at Rs 50407. Silver closed at Rs 62027.