KOLKATA: Gold buyers made most of the dramatic fall in Gold prices, picking up 10-15 tonne in the past three days, double the normal sales. Jewellers say the trend is likely to continue on Thursday, an auspicious day in the Hindu calendar.
"During this time, buying generally happens on account of Akhshay Tritiya and wedding season. But as prices have fallen, we are seeing that the demand has doubled compared to the past year during this period. In all our 80 retail stores across Karnataka, we are witnessing hectic buying," Siddharth Mehta, chief strategist, Rajesh ExportsBSE 0.99 % told ET.
Spot gold price in India was hovering around Rs 26,180-26,200 per 10 gm on Wednesday. "Investors too have entered the market. Some of the analysts are saying that gold prices will start moving up in the long term which has prompted investors to buy gold bars and coins. In the last couple of days, nearly 10-15 tonne of gold have been consumed," said Prithviraj Kothari, managing director, RiddiSiddhi Bullion.
Mumbai's Zaveri Bazaar was buzzing with activity through the day. "Everybody is on the buying mode. There is a huge demand for the yellow metal in the market. Gold movement has gathered a momentum and jewellers have been successful to clear off quite a good volume of inventory. Tomorrow being Pushya Nakshatra, an auspicious day, we are expecting more buying to happen," Prithviraj Kothari said.
Sales were up in the eastern part of the country too. "In the last three days, footfall has increased significantly which has translated into good sales," said Suprakash Ray, owner of Arti Jewellers.
International gold prices advanced for a second day on Wednesday on expectations of higher purchases because of lower prices.
Gold gained 1.3% to $1,386.25 an ounce. Prices touched $1,321.95 on Tuesday, the lowest since January 2011. However, silver fell 0.2% to $23.35 an ounce. The price dropped to $22.07 on Tuesday, the lowest since October 2010.
Bullion has lost 17% in 2013 after rising six-fold in a 12-year rally through last year. The metal slipped into a bear market on April 12 on speculation central banks in Europe may sell holdings to raise funds and that a US recovery would spur the Federal Reserve to rein in stimulus.
The 14% plunge in two days through April 15 was the biggest since February 1983. Bullion in exchange-traded products decreased for an eleventh day to 2,377.8 tonne, the least since June.
And people say Indians are poor, which country in the world has such a consumption?
None..Yellow Fever: Up to 15-tonne gold gone in three days - The Economic Times
"During this time, buying generally happens on account of Akhshay Tritiya and wedding season. But as prices have fallen, we are seeing that the demand has doubled compared to the past year during this period. In all our 80 retail stores across Karnataka, we are witnessing hectic buying," Siddharth Mehta, chief strategist, Rajesh ExportsBSE 0.99 % told ET.
Spot gold price in India was hovering around Rs 26,180-26,200 per 10 gm on Wednesday. "Investors too have entered the market. Some of the analysts are saying that gold prices will start moving up in the long term which has prompted investors to buy gold bars and coins. In the last couple of days, nearly 10-15 tonne of gold have been consumed," said Prithviraj Kothari, managing director, RiddiSiddhi Bullion.
Mumbai's Zaveri Bazaar was buzzing with activity through the day. "Everybody is on the buying mode. There is a huge demand for the yellow metal in the market. Gold movement has gathered a momentum and jewellers have been successful to clear off quite a good volume of inventory. Tomorrow being Pushya Nakshatra, an auspicious day, we are expecting more buying to happen," Prithviraj Kothari said.
Sales were up in the eastern part of the country too. "In the last three days, footfall has increased significantly which has translated into good sales," said Suprakash Ray, owner of Arti Jewellers.
International gold prices advanced for a second day on Wednesday on expectations of higher purchases because of lower prices.
Gold gained 1.3% to $1,386.25 an ounce. Prices touched $1,321.95 on Tuesday, the lowest since January 2011. However, silver fell 0.2% to $23.35 an ounce. The price dropped to $22.07 on Tuesday, the lowest since October 2010.
Bullion has lost 17% in 2013 after rising six-fold in a 12-year rally through last year. The metal slipped into a bear market on April 12 on speculation central banks in Europe may sell holdings to raise funds and that a US recovery would spur the Federal Reserve to rein in stimulus.
The 14% plunge in two days through April 15 was the biggest since February 1983. Bullion in exchange-traded products decreased for an eleventh day to 2,377.8 tonne, the least since June.
And people say Indians are poor, which country in the world has such a consumption?
None..Yellow Fever: Up to 15-tonne gold gone in three days - The Economic Times
