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Demand For Gold after Festive Season Brightens and Glitters the Indian Gold Market


Nov-2017 | Intense Research | Consumer Goods & Retailing

As the festive season has just passed the analysis of the market performance has been initiated by the analyst. The main focus will be the expensive metal gold. Demand for gold on the festive occasion of Diwali was on a higher side. However, the price hike became a key factor responsible for failing to lure the customers during the prime period of the festival.

India is the second largest consumer of gold and the demand spurs normally in the last quarter as the country makes itself ready for the preceding wedding season, immediately after the festive seasons. This period is believed to be auspicious in terms of gold purchase.

Chairman of All Indian Gems &Jewellery Trade Federation, Nitin Khandelwal, said “After the disappointing sales figures in Dussehra, there was a drastic improvement in performance since last two weeks. However, the overall performance is still lower by 15% compared to the last year.”

He also stated that demand was close to 30% in some regions, which were less than normal. While in other areas it was equal to the last year’s figure. The total demand rate of the whole country remained was around 15%.

Consumer faced a tight budget owing to which they were price sensitive, resulting in less purchase of gold compared to previous year. The gold rate has been escalated up to 8% in 2017.

Moreover, the rollout of GST in July has changed India’s taxation system and has impacted small and medium-size businesses and consumer as well. This factor has also impacted the growth of the overall market.

In Asia region, there is was a slight rise in demand for gold due to gold rates weekly decline after the touching mark of $14,276 per ounce. There was a high buying in other Asia market due to price fall, stated chief dealer at Lee Cheong Gold Dealers in Hong Kong, Ronald Leung.

In India, the gold purchase has been considered as auspicious on certain festivals owing to which consumers majorly overlook the uncertainties of the prices. This factor linked to beliefs is also significantly responsible for the growth of the gold market specifically in India.

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