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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Escape to safety takes gold to a record Rs 90,000
safe-haven assets. However, rising prices have crimped consumer sentiment, impacting sales of the yellow metal.
Gold is currently trading at ₹90,966 per 10 gm in the physical market, up by ₹1,802 per 10 gm from Friday, when India's bullion market was last open. The market was closed on Monday due to Eid.
Adding Goods & Services Tax (GST), the price of 10 gm of gold touched ₹93,694 on Tuesday.
The surge in prices is forcing buyers to opt for lower-weight jewellery — typically below 10-20 grams — instead of purchasing in bulk. «This shift has led to downtrading in grams. While larger manufacturers remain backed by orders and schedules, smaller manufacturers are facing pressure and resorting to discounts to sustain operations. They are selling jewellery to the retailers at a discounted rate and facing losses,» said Surendra Mehta, national secretary of the India Bullion & Jewellers Association (IBJA).
A Mumbai-based jewellery maker said one of the biggest challenges from rising gold prices is the impact on working capital.
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«With slower sales, retailers struggle to service their loans, adding financial stress to the trade,» the person said, adding «if prices remain at these elevated levels, businesses will need to innovate, optimise inventory, and explore new pricing strategies to sustain growth in this evolving market.»
According to Mehta, many retailers are defaulting on payments to gold jewellery manufacturers as the prevailing high prices have dented demand. «Gold sales during Gudi Padwa last
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