Record gold prices in India slow buying in second-biggest market
时间:2024-06-25 14:04:20 阅读(143)
Gold prices in India have soared to the highest ever, damping the outlook for demand in the world’s second-biggest consumer. That was especially apparent during the day of Akshaya Tritiya at the weekend, which is considered one of the most auspicious times of the year to buy gold by the nation’s majority Hindu population.
“Purchases were obviously improved” at the weekend compared with the past couple of months, said Chirag Sheth, principal consultant at Metals Focus Ltd. But while sales were likely higher in value than at the same time last year, they would be lower in volume, Sheth said. Akshaya Tritiya fell on April 22 this year and extended into the morning of the following day. Global gold prices have surged this year as turmoil in the banking industry spurred demand for a haven, helping send futures in India to a record in April. The country accounts for more than a fifth of world demand for jewelry, bars and coins, and imports almost all of that, mainly from Switzerland and the UAE.
Heat waves are also hurting demand. While the months of April and May will be busy for sales because of the extended wedding season, extreme heat is a worry “because people generally don’t venture out of the house and only visit the stores in the evening,” according to Ashish Pethe, a jeweler and former chairman of the All India Gem and Jewellery Domestic Council. India is bracing for what might be a hotter summer than usual this year.
上一篇:Swan Energy receives Reliance Naval management control handover from the monitoring committee
下一篇:‘Absolutely wrong’- Supreme Court condemns Calcutta HC’s advice to girls to ‘control sexual urges’
猜你喜欢
- Struggling with grey hair- Doctors explain why you shouldn’t pluck them
- TCS among top gainers ahead of Q4 results; Nifty, Sensex trade firm today on continuous buying from FPIs
- Sugar stocks decline after govt’s ethanol move
- Karnataka CM flags off 100 non-AC e-buses of BMTC, plans to induct 1,400 more e-buses by April 2024
- Tata Motors- Electric vehicles profitability to improve
- Stocks To Watch- Wipro, Indigo, Tata Steel, Fortis Healthcare
- STT hike of 25% to impact high frequency traders
- Tata Tech IPO subscribed 6
- Strong Rupee, weak crude oil may put pressure on gold prices; MCX support at 49800, ECB monetary policy eyed