Dhanteras: 12% demand surge awaits Indian gold mkt
Indian jewellers anticipate a 12% surge in gold sales during Dhanteras, despite potential price volatility stemming from US midterm election results. Surendra Mehta, national secretary of the India Bullion & Jewellers Association (IBJA), predicts an improved forecast due to higher gold prices, which draw more buyers and highlight the metal as a reliable store of value.
US midterm election results may impact President Donald Trump's actions, possibly reducing oil prices and easing global economic pressure. Nitin Kedia, national general secretary of the All India Jewellers & Goldsmith Federation (AIJGF), also expects a 10% sales increase compared to last year's Dhanteras and Diwali season. However, a clearer picture will emerge later in the day.
Bullion sales and advance orders indicate consumer sentiment, with both national associations reporting growth before the festive season. Globally, gold prices rose nearly 2% following weaker US dollar and lower US Treasury yields due to Democrats' gains in US midterm elections. In India, 24-karat gold prices climbed 4.56% in two days.
Crisil Ratings expects organized gold jewellery retailers to see a 4-6% year-on-year decline in sales volumes, but higher realizations could drive revenue growth of 20-21%.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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