Kolkata: Gold prices surged to touch the psychological mark of ₹1 lakh per 10 gm at the retail level on Monday. This is likely to dampen the consumer sentiment ahead of Akshaya Tritiya, a day which is marked by heavy purchase of the yellow metal.
Exclusive of the goods & services tax (GST), the price of gold was trading at ₹97,200 per 10 gm. The jewellery trade is hopeful of a good demand for gold despite the surge in prices.
"There was a lot of rush today to buy gold in Zaveri Bazaar as there is a feeling in the market that prices of gold will surge further," said Avinash Gupta, vice chairman, All India Gem & Jewellery Domestic Council.
"Gold prices extended their record-breaking rally as the fresh week kicked off with strong early buying. Comex gold approached the $3,400-mark, trading near $3,395, while MCX gold surged to ₹96,775, registering fresh all-time highs," said Jateen Trivedi, research analyst for commodity and currency, LKP Securities.
Buying Opportunities
"The rally is being supported by escalating tariff tensions, concerns over the US economic outlook, and the looming US debt crisis. Continued buying by China, global central banks, and institutional investors has added momentum to the bullish sentiment," Trivedi said.
Technically, as long as Comex holds above $3,250 and MCX above Rs 91,000, the uptrend remains intact. Any dips towards Rs 93,000 in MCX may offer fresh buying opportunities. However, given the elevated levels, speculators are advised to maintain low-risk positions to manage potential volatility.
Interestingly, rising gold prices have also raised consumer interest in studded jewellery.
"We are witnessing increasing traction in natural diamond jewellery, polki or raw, uncut diamond, and coloured gemstone pieces. Gold bars and coins are also expected to perform well as consumers continue to look to gold as a safe, long-term asset. The next 10 days will be crucial in shaping momentum, but all indicators point to a promising Akshaya Tritiya ahead," said Saurabh Gadgil, managing director of listed firm PNG Jewellers.
Exclusive of the goods & services tax (GST), the price of gold was trading at ₹97,200 per 10 gm. The jewellery trade is hopeful of a good demand for gold despite the surge in prices.
"There was a lot of rush today to buy gold in Zaveri Bazaar as there is a feeling in the market that prices of gold will surge further," said Avinash Gupta, vice chairman, All India Gem & Jewellery Domestic Council.
"Gold prices extended their record-breaking rally as the fresh week kicked off with strong early buying. Comex gold approached the $3,400-mark, trading near $3,395, while MCX gold surged to ₹96,775, registering fresh all-time highs," said Jateen Trivedi, research analyst for commodity and currency, LKP Securities.
Buying Opportunities
"The rally is being supported by escalating tariff tensions, concerns over the US economic outlook, and the looming US debt crisis. Continued buying by China, global central banks, and institutional investors has added momentum to the bullish sentiment," Trivedi said.
Technically, as long as Comex holds above $3,250 and MCX above Rs 91,000, the uptrend remains intact. Any dips towards Rs 93,000 in MCX may offer fresh buying opportunities. However, given the elevated levels, speculators are advised to maintain low-risk positions to manage potential volatility.
Interestingly, rising gold prices have also raised consumer interest in studded jewellery.
"We are witnessing increasing traction in natural diamond jewellery, polki or raw, uncut diamond, and coloured gemstone pieces. Gold bars and coins are also expected to perform well as consumers continue to look to gold as a safe, long-term asset. The next 10 days will be crucial in shaping momentum, but all indicators point to a promising Akshaya Tritiya ahead," said Saurabh Gadgil, managing director of listed firm PNG Jewellers.
You may also like
CM Stalin announces week-long celebration to mark poet Bharathidasan's birth anniversary
Bansuri Swaraj attends JPC meet, flaunts bag with 'National Herald Ki Loot' to target Gandhis
Two women shot at by intruder in horror attack as police launch manhunt
Liz Hurley's 'real reason' for unexpected Billy Ray Cyrus romance and role she'll play
WATCH: Congress Releases CCTV Clip, Claims IMC LoP Chintu Chouksey Was At Feast During Attack On BJP Leader Kapil Pathak; Police Disagree
