Sep gold imports up 80% to 12.3MT
Gold price touching a record high hasn't seem to have much impact on its demand. According to data by the Ahmedabad Air Cargo Complex (AACC), imports went up 80% in Sep, rising to 12.3 metric tonnes (MT). In contrast, 6.83MT of gold was imported in Sep 2023, suggests AACC data. On average, the gold price remained above Rs 75,000 per 10 grams in the domestic market in Sep.
"Despite the price of the yellow metal remaining well above the mark, the
demand continued to soar, as jewellers, bullion traders, and stockists
replenished their stocks, anticipating high demand in the run-up to the wedding
and festival season," said Haresh Acharya, director, India Bullion
and Jewellers' Association (IBJA).
"Gold prices have remained at higher levels after the US Federal Reserves
reduced interest rates by 50 basis points. Soon after, tensions in the Middle
East intensified, and as a result, prices further touched record-high levels.
As prices began escalating, trade increased surprisingly due to anticipation of
a further rise in prices," he said.
Meanwhile, jewellers are all prepared for the festive and subsequent wedding season. "Oct demand is expected to grow on account of Dussehra and Dhanteras, which are considered auspicious for gold purchases. Jewellery purchases for the wedding season had begun with the start of Navratri, and as a result, before the Shradh period began, jewellers stocked up on the yellow metal," said Manoj Soni, an Ahmedabad-based jeweller.
Source: https://timesofindia.indiatimes.com/