Indian jewellers gear up for next festival as gold sales pick up pace

A salesman shows a gold necklace to customers at a jewellery showroom in Ahmedabad BENGALURU/MUMBAI (Reuters) – Healthy sales during a recent festival encouraged Indian jewellers to continue stocking up this week, while more supply started to make its way into Singapore and Hong Kong as dealers navigate around COVID-19-led bottlenecks.

Indians celebrated the Dussehra festival on Sunday, and now await Diwali and Dhanteras in November.

"Dussehra sales gave confidence to jewellers. They’re now buying for Diwali," said a Mumbai-based dealer with a bullion importing bank.

Premiums of $1 an ounce were charged over official domestic prices, including 12.5% import and 3% sales levies, from $5 premiums last week. Local gold futures were trading around 50,500 rupees ($682.96) per 10 grams."Retail consumers are slowly adjusting to higher prices," said Aditya Pethe, director at Waman Hari Pethe Jewellers.In Singapore, premiums of $0.80-$1.30 an ounce were charged over international spot prices."As more countries […]

Click here to view original web page at www.marketscreener.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.