Gold Prices Surge Amid Global Economic Trends

Gold prices have surged, crossing Rs 1 lakh per 10 grams, impacting short-term demand. However, positive market sentiment prevails due to events like Akshya Tritiya and the wedding season. Despite a 25-30% price increase, gold demand has risen, driven by market optimism and economic factors.

Gold prices have skyrocketed, surpassing Rs 1 lakh per 10 grams in spot markets, raising concern over immediate demand, yet market sentiment remains optimistic. Experts anticipate a rebound during significant events such as Akshya Tritiya and the current marriage season, potentially revitalizing consumer interest.

The price of 24-karat gold reached Rs 101,350 per 10 grams in Mumbai's bullion market, while 22-karat gold was quoted at Rs 92,900. According to Rajesh Rokde, chairman of the All India Gem And Jewellery Domestic Council, the initial shock could suppress demand, but stabilization is expected.

Import statistics show a rise from 741 tonnes in 2023 to 802 tonnes in 2024, despite higher gold prices. Industry leaders, including PN Gadgil Jewellers chairman Saurabh Gadgil, forecast continued optimism and an upward trend in gold prices, tempered by ongoing global economic concerns such as US market tensions and trade uncertainties.

(With inputs from agencies.)