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Gold On Dhanteras
The gold demand in the country has strengthened during the key festival of Dhanteras, buoyed by a recent reduction in import duties and traditional buying patterns, a senior MMTC-PAMP official said on Tuesday. "The market sentiment for gold remains robust this Dhanteras season, with sustained demand for our pure gold products," MMTC-PAMP Managing Director and CEO Vikas Singh told PTI. The reduction in import duty from 15 per cent to 6 per cent has amplified festival season purchases, with consumers showing a strong preference for high-purity gold products, he said. "Customer preference for quality and purity continues to be a key driver in purchase decisions, particularly for our 24K gold products with 99.99 per cent + purity," Singh added. The positive momentum is expected to continue into the upcoming wedding season, which traditionally accounts for approximately half of India's annual gold consumption, Singh said. He noted that beyond seasonal factors, gold demand benefits from
Dhanteras and Diwali demand for gems and jewellery this year is anticipated to remain strong despite rising prices, with Diwali sales potentially crossing Rs 30,000 crore in the domestic market, according to industry experts. Price hikes in precious metals are prompting consumers to view gold as a reliable asset, while silver is gaining popularity among people due to its relatively lower price and high industrial demand. Some experts estimate sales growth in value terms of 10-15 per cent year-on-year this Diwali across the country, though there may be a dent in volume. Silver has emerged as the top performer with returns exceeding 40 per cent, followed by gold at 23 per cent, significantly surpassing stock market benchmark returns. Eastern Regional Chairman of the Gems & Jewellery Export Promotion Council (GJEPC) said, Gold continues to shine due to global uncertainties and geopolitical conditions, while silver is drawing substantial interest as an affordable option. The Council .
