Gold sales to decline 50%

Gold sales to decline 50%

Ahmedabad: While stability in gold prices coupled with the auspicious muhurat of Dussehra are expected to infuse the much-needed optimism for gold demand, yellow metal sales are expected to take a major hit this festive season. Estimates by India Bullion and Jewellers’ Association (IBJA) suggest that gold sales are expected to decline at least by 50% against last year.
Gold price stood at Rs 52,800 per 10 gram on Saturday. Haresh Acharya, director, IBJA, said, “Gold sales will be at least half of that last year. However, it will be mostly driven by jewellery sales
“With the government announcing 100 persons permitted in wedding occasions, people are out to make purchases,” said Manoj Soni, an Ahmedabad-based jeweller.
“Pent-up demand will play a major role in driving jewellery purchases. Moreover, since it is a Sunday, people will come in to make purchases” said Jigar Soni, president, Jewellers’ […]

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