Indian gold demand seen falling to 8-year low in festive quarter.
Gold continued with its record-breaking rise in the national capital on Wednesday, surging by Rs 300 to Rs 19,500 per 10 grams, while silver also hit an all-time high after gaining Rs 370 to Rs 32,400 per kg.
Gold imports in India are estimated to have declined by 50 per cent to 30 tonnes during June-July.
Young Indians across cities, with more money in their pockets than their parents earned and access to a range of goodies from across the world, no longer wait for Diwali (or Durga Puja/Ganesh Chaturthi/Onam-Pongal) to make their purchases -- big or small.
One of the biggest match-winners in Indian cricket Anil Kumble turned 47 on Tuesday and not surprising that birthday wishes poured in from all quarters for the legendary cricketer.
Gold demand in India dropped by 30 per cent during the July-September quarter to 86.6 tonnes, compared to the same period last year due to Covid-19 related disruptions and ruling high prices, the World Gold Council (WGC) said in a report.
Dhanteras is just around the corner and if you are planning to book a new sedan this is the time.
However, in 2020, gold demand in India -- the world's second biggest consumer after China -- could increase to 700-800 tonnes on hopes of increased acceptance of high price level and likely economic reforms boosting consumer confidence, World Gold Council said.
In China, premiums fell to about $1.50 an ounce on Friday from $2-$3 an ounce.
Like its competitors, Amazon India, too, offered an 'Online Shopping Dhamaka' from September 21 to October 21, during which sellers offered deals and discounts on a host of products across categories on www.amazon.in.
Bullion traders said sustained buying by jewellery fabricators and retailers to meet the festive season demand mainly kept precious metal prices higher.
In domestic market, gold prices had peaked to Rs 39,011 per 10 grams in September and are now ruling at Rs 38,800 per 10 gram.
India celebrated Dhanteras, the biggest gold buying festival, followed by Diwali, when scarcity of the yellow metal and high prices pushed consumers to buy silver and diamond jewellery.
Many traders say that after demonetisation cash in the market has drastically reduced
Astrologers and temple priests in Chhattisgarh are witnessing an increase in the number of politicians and other aspirants visiting them ever since the announcement of assembly polls.
Gold is the first product for options trading that markets regulator Sebi has allowed after 14 years of commodity exchanges in the country.
Festive demand for gold in India got off to a tepid start, with local prices still at a heavy discount to the global benchmark, a bad sign for a period when buying is typically strong.
The Nikkei share average rose 2.6% to close at 15,195.77 points, more than recouping Tuesday's losses.
Sales have picked up in the past few days for retailers in the apparel and consumer durables segments.
The iconinc Zaveri Bazaar in south Mumbai does business of around Rs 3 trillion a year.
he also talked about India's tradition of respecting the nature through festivals like 'Chhat' and referred to the ongoing cleanliness campaign.
Bankers say loan demand was more muted this festival season than last year.
The Centre set up a political tug of war with opposition parties which have planned to observe it as a 'black day'
Car sales dipped by 2.55 per cent in October, as the festival season demand for auto remained in slow lane.
Most, save Jaitley and Venkaiah Naidu, were silent on Bihar polls; it was business as usual for the PM.
Chocolate majors, home and surface cleaning companies, beauty brands say that business has been brisk this festive season.
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A buoyant economic mood and tempting discounts, both online and offline, are fuelling a shopping frenzy this Diwali.
With the festive season underway, retailers in the online and the offline world need to prepare well to offer the best deals to consumers and earn trust.
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