Report: Muhammad Harris
Creating a record is affecting India’s festival sales, thereby forcing dealers to provide discounts.
Gold Price Creating History New High
The latest gold price announced by the Indian Gold and Jewelry Merchants Association (IBJA) showed that the price of 24K gold in India continued to rise, a historical high of the 77410 rupees per 10 grams, an increase of 600 rupees from the previous closing price.
The price of silver also rose from the 91,600 rupees per kilogram of the previous day to 92,283 rupees.
"This strong momentum is largely promoted by continuous interest rate cuts in the United States. It is expected that it will further cut interest rates in the near future. Since the low point of the 68,000 rupees this year, the overall MCX gold as a wholeThe trend is obviously positive, and the current rebound to 77,500 rupees represents a significant appreciation, "said Jeen Trivedi, Vice President of LKP Securities (large commodity and currency research analyst).
Traders said that the price of gold has been rising in the past few days due to the intensified geopolitical risks and the depreciation of the rupee.Kanpur Wealth Management
The exchange rate of the rupee against the US dollar is less than 84.The appreciation of the US dollar makes India’s gold price expensive, because this precious metal is mainly imported.
Dealers said that the Israeli-Lebanon-Iran issue did not have any ease, and because of the hedging buying, it pushed up the gold price.
With the latest growth, the return of gold in 2024 has increased to 22%.However, on the basis of the lamps to discharge festivals, the price of gold has now risen by about 30%, which has made gold a metal that has performed outstandingly this year.
Gold prices hit a record high: the sales of the lighting festival are affectedNagpur Stock
During the festival in India, the sales of gold bars usually increase.However, this time, the record price is affecting India’s festival sales, which forces dealers to provide discounts.
"The continuous price rise is slowing demand. Indian jewelry retailer Nemichand Bamalwa & Sons partner Bachhraj Bamalwa said:" Consumers’ purchase volume is reduced because if they want to increase the price increaseWhen they buy the same number of jewelry, they need to allocate more money."
"Due to the rise in gold prices, jewelry dealers are not very confident in the sales of this year’s lighting festival. In order to maintain the interest of customers, many people provide discounts on jewelry production costs during the festival to help promote sales," Mumbai’s private bank gold bar tradersTell Reuters.
Will the price of gold continue to rise?
"Looking forward to the future, the price momentum is still strong. In the next few trading days, the potential upward targets of 78,500 rupees are 78,500 rupees. The downlink is about 75,000 rupees, which will provide a solid foundation for any short -term callback." Trividi said
He added that as long as the expected expectations and geopolitical tensions continue to exist, the prospects of the golden view of gold should remain unchanged.
Jaipur Wealth Management