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JAYALAKSHMI, A SCHOOL TEACHER in Alleppey, Kerala and her husband Sudeep Kumar, a private bank employee, had planned to buy a new SUV to replace their small car last Diwali. Their bank balance was around ₹1.25 lakh and they realised they would have to shell out at least ₹2-3 lakh upfront to own their dream car. Anticipating their kid’s school admission in the next academic year, it was not wise to spend the money in the bank. Instead of relying on new loans in addition to the auto loan for the new vehicle, the couple decided to sell a part of Jayalakshmi’s jewellery reserves, since gold prices were at a record high. “After discounting making charges, we got around ₹40,000 per sovereign (eight gram). We sold two bangles and a chain of about seven-eight sovereigns to raise funds,” says Sudeep.
In 2023, gold prices started to climb in and around ₹40,00042,000 for 10-gram 24-karat gold in September, once the festival season kicked in. And with geo-political uncertainties on the rise, prices crossed ₹62,500 by November end, before softening a bit in December.
According to the World Gold Council (WGC), Indians recycled 19.3 tonnes of gold in Q3CY23, a 20% growth over last year. Despite rising prices, jewellery demand was high at ₹1,39,550 crore in terms of value, up 24% from Q3CY22 (₹1,12,330 crore). By volume, demand rose 7% year-on-year to 156 tonnes.
India’s total gold demand also increased 10% in Q3CY23 to 210 tonnes from 192 tonnes a year ago. “With demand at 481 tonnes for the first nine months, full-year gold demand is likely to be in the range of 700-750 tonnes, marginally lower than last year’s 774 tonnes,” says Somasundaram P.R., regional CEO, India, WGC.
هذه القصة مأخوذة من طبعة January 2024 من Fortune India.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة January 2024 من Fortune India.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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