Gold is all set to regain its luster this Diwali. Bullion traders expect gold sales to be 30 per cent higher than pre-Covid levels due to a faster-than-expected recovery in the economy, easing prices and suppressed demand. The business of the gems and jewelery industry was muted during Diwali and Dhanteras-2020, following disruptions related to COVID-19, including nationwide lockdown and restrictions on movement.
Ashish Pethe, chairman of All India Council of Gems and Jewelery Household, told PTI-language, ‘We are seeing an increase in business activities after ‘Shraadh’. He said gold prices had come down to Rs 42,500 per 10 grams, which has increased consumer demand for the yellow metal. He said better Goods and Services Tax (GST) collections during the last few months indicate that the economic revival is on track. The weddings which were postponed due to the pandemic will now take place at the end of this year. This will increase the sale of gems and jewellery.
“Given the positive consumer and market signals, we expect sales growth of 20-25 per cent over 2019,” Pethe said. We are seeing this positive momentum from across the country. After touching the highest level of Rs 56,000 on Saturday, the price of gold in the country has come down to Rs 49,200 per 10 grams.
Meanwhile, the Regional Chief Executive Officer (CEO) of Chishwa Swarna Parishad (WGC), Bharat Somasundaram PR said that the epidemic appears to be mainly contained with higher vaccination rates and lower infections, leading to a slowdown in economic activity. is overturned. “While gold jewelery demand grew by 58 per cent to 96.2 tonnes in the July-September quarter, investment demand for bars and coins increased by 58 per cent,” he said, quoting WGC’s Q3 Global Gold Demand Trend-2021 report. There has also been an increase of 18 percent.
He said retail demand is returning to pre-Covid levels in view of the gradual lifting of restrictions across the country. Is.