Raksha Bandhan is on Monday, 19th August, after which the festivals will begin. In view of this, there is a boom in gold purchases. In Mumbai’s Zaveri Bazaar, there is a 25 percent increase in the demand for jewelry weighing 400 to 500 grams for Raksha Bandhan, the demand of investors has increased by 20 percent. People associated with the jewelry industry say that this is the best opportunity to buy gold, because in the coming months, the price of gold can reach 75,000 to 76,000 per ten grams (without GST charges). Jewelers have also completed their preparations for the upcoming festive season. In Mumbai bullion market, jewelers have brought a range of light jewelry keeping in mind Raksha Bandhan. At the same time, big gold jewelers retailers Tanishq, Caratlane and Marbar Gold have also launched new collections in the market.
The reduction in interest rates by the Fed and the geopolitical crisis will have an impact on gold prices. Indian Bullion and Jewelers Association (IBJA) National Secretary Surendra Mehta told Amar Ujala.com that gold prices may see an increase in the coming days. According to market experts, gold prices will be affected by whether or not the US central bank Federal Reserve cuts interest rates.
The Federal Reserve is holding a meeting again on September 17 and 18, 2024. If the central bank takes a big decision by discussing the possibility of cutting interest rates in this meeting, then it will affect the bullion market of the whole world. There is also a festive season ahead. Therefore, the price of gold can reach Rs 75000 to Rs 76000 per ten grams (without GST charges) this month and the month after that. Commodity market expert Prathamesh says that gold prices will increase in the coming months as crude oil prices will increase due to geopolitical conditions, especially the Israel and Iran war crisis. Which may increase investors’ confidence in gold as a safe investment.
Good opportunity for customers to buy gold
Surendra Mehta says that this is a good time to buy gold. Because the price will remain high in the coming days. Therefore, customers and investors can buy at this time. Kumar Jain of Umedmal Trilokchand Jewelers says, there is every possibility of gold prices increasing in the coming months. Because the way war conditions are developing at the global level, it will help in increasing the price of gold. He says that usually it is natural for the price of gold to increase during the festive season and wedding months, which the customers are also aware of. Therefore, shopping has started earlier. On July 23, after the announcement of reducing the import duty on gold and silver from 15 percent to 6 percent in the overall budget, people had made good purchases. Since then, there has been a fluctuation in the price of gold. But before the arrival of festivals, once again there is a boom in the sale of gold.
People started shopping for festivals and weddings
Kumar Jain says that on Raksha Bandhan, the demand for light weight jewellery of 400 to 500 grams is increasing by 25 percent. From the investors’ point of view, the demand for gold coins and bars has increased by 20 percent. The market is getting more lively due to shopping for festivals and weddings. Apart from Raksha Bandhan, people are also shopping for weddings. This includes complete sets of jewellery along with rings, bracelets and jewellery given as gifts in weddings.
Bullion traders are also giving offers to attract customers
Kumar says that jewelers are preparing to offer many types of offers to attract customers in view of the upcoming festivals. These include discounts on making charges and many offers on light jewelry. Jennifer Pandya, Marketing VP of Caratlane, an omnichannel jewelry brand that is an associate of Tanishq, says that a new Disney collection has been introduced to attract youth and women on the occasion of Rakshabandhan. This can be given as a gift by brothers to sisters. Malabar Gold has introduced light weight rakhis ranging from Rs. 5000 to Rs. 6000. Apart from this, new collections of jewelry to be given as gifts have also been launched in the market.
What do customers say?
Pari Seth, shopping on the occasion of Raksha Bandhan in Mumbai’s Zaveri Bazaar, said that she has bought a ring and some light jewellery for her daughter for Raksha Bandhan. She says that the price of gold keeps rising and falling, this affects our purchases, but we have to buy jewellery to give as gifts during festivals and weddings. Another customer Kanchan Boricha says that whether the price of gold increases or decreases, we buy jewellery as per our needs. I am shopping for light weight jewellery here for daily wear. Sejal Jadeja, who is already busy preparing for her son’s wedding in the coming November, says that we had shopped only after the announcement of reduction in import duty on gold, at that time the price of gold had fallen. Currently the price of gold has increased, despite this we have to buy some more jewellery. This is also a good opportunity, Raksha Bandhan and Ganpati festivals are ahead, so we are also getting good offers.
gold rate on saturday
Before Raksha Bandhan, the price of gold on Saturday remained above Rs 73,400 per ten grams. At the time of writing the news, the price of 24 carat gold in the capital city Delhi is Rs 73,400 per ten grams and in Mumbai the price of 24 carat gold is Rs 73,000 per ten grams. While the price of silver is running at Rs 85,400 per kilogram. The price of 18 carat gold in Mumbai is Rs 5,457 per gram. The price of 8 grams of gold is Rs 43,656 and the price of 10 grams of gold is Rs 54,570.
