Shining bright: Record high prices to weigh on demand for gold

Domestic prices are up 8 per cent in the last fortnight; international gold price trades around $1,970 after breaching $2,000 on Monday

Rajesh Bhayani Mumbai
gold, gold prices

The demand for gold is expected to take a hit if the price of the yellow metal -- which has been hovering around Rs 60,000, a level never seen before -- remains elevated.
Because of a sharp increase in price in a very short time and the flow of smuggled gold continuing, gold price in Mumbai is quoted at around Rs 59,000 per 10 gram.
Typically, overall demand in the January-March and July-September quarters is moderate-to-dull, which is the case in the ongoing period. However, this along with prevailing high prices ahead of April-June quarter, which is strong due to the marriage season and Akshaya Tritiya, this year may see low gold demand after a robust 2022.

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First Published: Mar 21 2023 | 9:03 PM IST

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