This was because of the closure of retail shops and factories after the nationwide lockdown was imposed to prevent spread of Covid-19, and a sharp increase in the metal's price.
Silver, which is currently trading at Rs 68,453 per kilogram, has appreciated 21.7 per cent over the past three months. Investors, however, shouldn't get carried away by its recent performance and put their money in it. Instead, they should evaluate its pros and cons and then take a considered decision based on their risk appetite.
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Global gold demand hit an 11-year low in 2020 at 3,759.6 tonnes, mainly due to a weak October-December quarter and the COVID-19 related disruptions across the world driving a muted consumer sentiment throughout the year, the World Gold Council (WGC) said in a report. The overall consumer demand during 2019 was at 4,386.4 tonnes, while in 2009 the overall demand was at 3,385.8 tonnes, according the WGC's 2020 Gold Demand Trends report. Global gold demand dropped by 28 per cent year-on-year (YoY) to 783.4 tonnes in the fourth quarter compared to 1,082.9 tonnes during the October-December period of 2019, the report stated.
Forecasts of a further rise in bullion prices keep Indians away from selling gold.
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Many offer personalised ornaments with 3D printed images and engraved names to lure customers in a scenario of high gold prices.
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India's gold demand increased by 19.2 per cent to 76.1 tonne during the April-June quarter this year, largely due to low base effect, owing to the nationwide lockdown that hit economic activity last year, the World Gold Council (WGC) said in a report. The overall gold demand during the second quarter of 2020 calendar year stood at 63.8 tonnes, according to the WGC's 'Gold Demand Trends Q2 2021' report. In value terms, India's gold demand witnessed 23 per cent growth during April-June quarter at Rs 32,810 crore, compared to Rs 26,600 crore during the corresponding period of 2020.
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While the brand was accused of 'defacing' the Hindu festival of Diwali by naming its festive collection as Jashn-e-Riwaaz (celebration of tradition), the company insisted that it is not a Diwali collection, which will be soon launched under 'Jhilmil si Diwali' promo.
The second day of pre-Diwali Dhanteras witnessed a tepid response from shoppers on Friday as gold and silver sales have likely to be fallen by up to 35 per cent year-on-year due to high prices and COVID-19 induced financial distress, although consumers moved to online buying to make most of the festival, jewellers said. The buying was heavily restricted to light weight jewellery, coins and precious stones due to lower purchasing power and high gold rates, they said. Due to the fear of coronavirus infection, many customers who had booked in advance were taking delivery of wedding orders on Friday, while some were seen buying safely through online brands like Tanishq and Melorra.
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'Periods of high volatility are usually bad for mid-caps and this is something that has to be kept in mind.' 'Focus on quality is of paramount importance.'
Gold, which lost its sheen to some extent in the second half of 2021, is likely to regain the glitter in the New Year and cross the Rs 55,000-per-10-grams level amid pandemic woes, inflation worries and stronger US dollar. After a stellar run up in 2020 when the yellow metal touched a record high of Rs 56,200 on the MCX in August, the prices are near Rs 48,000 per 10 grams now. This is roughly 14 per cent lower from the all-time highs and 4 per cent lesser compared to January 2021 levels.
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.
This comes hours after Madhya Pradesh Home Minister Narottam Mishra issued a "24-hour ultimatum" and threatened to send the police after him.
The country's exports in December surged 37 per cent on an annual basis to $37.29 billion, the highest-ever monthly figure, government data showed on Monday.
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Prime Minister Narendra Modi had asked exporters to prepare a strategy for the next five years and start working in that direction.
Imports too declined 26 per cent to $29.47 billion in August, leaving a trade deficit of $6.77 billion.
The average salaries for vocational jobs have grown by 18% whereas engineering and MBA jobs rose only by 4% and 3% respectively.
Consumers during the quarter sold 37.9 tonnes of old gold, which is the highest quarterly sale after September 2016, when old gold sale, or scrap supply, was 39 tonnes.
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Traders said sustained buying by stockists and jewellery fabricators for the ongoing marriage season mainly led to an upward trend in gold prices.
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