For the second straight year, the gems and jewellery industry is set for almost a washout of business on Akshaya Tritiya as only about 10 per cent of pre-COVID sales of 2019 are expected on Friday amid the raging pandemic sapping footfalls and purchasing power of people. In a normal year, the industry does business of 25-30 tonnes on Akshaya Tritiya, but this year, it expects a maximum of 3-4 tonnes of sales as offline sales have been badly impacted. Some organised players like Kalyan Jewellers did online bookings of gold which will be physically delivered later. The second wave of the pandemic is turning out to be much worse than last year with huge loss of life across the country. This has created an overall negative consumer sentiment, All-India Gems & Jewellery Domestic Council (GJC) chairman Ashish Pethe told PTI.
updated: Jan 14 2021, 15:51 ist
Gold demand appears to be positive in India as the consumer sentiment is likely to recover in 2021, from its dismal performance due to the coronavirus pandemic-related disruptions and volatile price movement, according to a report by the World Gold Council (WGC).
Initial data about the Dhanteras festival in November suggest that while jewellery demand was still below average, it had substantially recovered from the lows seen in the second quarter (April-June 2020) of last year, according to the report.
The report, titled Gold Outlook 2021- Economic recovery and low interest rates set the tone , also said although global economic growth is likely to remain anaemic relative to its full potential for some time, gold s more stable price performance since mid-August may foster buying opportunities for consumers.
Initial data about the Dhanteras festival in November suggest that while jewellery demand was still below average, it had substantially recovered from the lows seen in the second quarter (April-June 2020) of last year, , World Gold Council (WGC), global economy, economic recovery
Gold prices likely to go past Rs 63,000 in new year orissapost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from orissapost.com Daily Mail and Mail on Sunday newspapers.
Gold likely to glitter more.
Expectations of fresh stimulus measures and weaker dollar.
Mumbai: Gold, always considered a safe haven for investment in uncertain times, is likely to glitter more and even soar to Rs 63,000 per 10 grams next year amid expectations of fresh stimulus measures and weaker American dollar.
In 2020, the economic and social uncertainties triggered by the coronavirus pandemic turned the spotlight on gold as a safe haven. The price of the yellow metal reached an all-time high of Rs 56,191 per 10 grams at MCX and USD 2,075 an ounce in the international market in August.
A sharp turn in global monetary policies that led to a low interest rate scenario and unprecedented liquidity, which began in mid-2019, gave a boost to gold price in all major currencies, making the yellow metal attractive for investors.