GJ Town India

  Demand largely driven by investment & wedding related purchases!   Sachin Jain, Regional CEO, India, World Gold Council said, “Buying gold is considered auspicious during Dhanteras, Diwali. From gold jewellery to gold bars, gold coins consumers plan at least a token purchase as a matter of tradition as gold buying is generally believed to herald good fortune, wealth and prosperity and that is visible in the sharp rise in gold buying historically witnessed on this day.   Despite gold prices touching record highs of Rs 79,000/10 grams, anecdotal feedback from Industry indicates a resurgence in gold buying due to various ongoing festivals, with demand largely driven by investment sentiment and wedding related purchases.  The retailers have also invested on new designs and innovative usage of technology to make daily wear, lighter jewellery considering heightened gold prices, to invite consumers to come into the stores. There is also an expectation of incre...

The gold price immediately recorded a record-high spike   Dean Belder, the market analysts said, “gold nearly breached the US$2,600 mark, while silver was above US$31 following half point cut by the US Federal Reserve. The US Federal Reserve reduced its benchmark interest rate for the first time in four years on Wednesday (September 18), beginning its cutting cycle with a sizeable 50 basis point reduction. The Federal Open Market Committee has held rates steady since July 2023 after starting to hike in March 2022.”   Colin Shah, MD, Kama Jewelry said, “The higher-than-expected 50bps rate was cut by the US Fed after four years of strict maintenance of elevated rates to tame inflation. This rate cut comes at an opportune time and is also an influence of the slight dip in unemployment in the US.  The gold price immediately recorded a record-high spike, as a reflection of the announcement. This scenario must be taken positively as the rate cut has opened doors for gol...