Latest news with #IndiaBullion&JewellersAssociation
Time of India
21 hours ago
- Business
- Time of India
Buyers keep hands off gold
Gold sales in June dropped 60% from a year earlier to 35 tonnes, the steepest post-Covid fall in volume, as high and volatile prices kept buyers away, the India Bullion & Jewellers Association (IBJA) said. In July too, gold price is showing volatility and there has been no drop in prices till date. On Monday, the price went up by ₹600 per 10 gm to cross the ₹98,000 mark. At the retail level, consumers will have to shell out ₹1,00,997 per 10 gm, including GST of 3%. 'We do not see any immediate recovery in demand with many gold jewellery manufacturing units across the country cutting down their production of gold jewellery by almost half,' IBJA national secretary Surendra Mehta told ET. 'Small players are affected. It is a tough time for the gold trade. Despite offering freebies and discounts, volume demand is not going up.' Gold trade analysts said internationally gold prices continued their upward trend, approaching $3,400 per ounce following renewed trade tensions sparked by US President Donald Trump's threat of additional tariffs on the European Union and Mexico. While Trump has allowed room for negotiations until August 1, the potential for a rapid escalation has kept risk assets under pressure, prompting investors to seek safety in haven assets like gold. Jewellers are actively pushing 14-karat gold jewellery to keep their business growing in the midst of the price surge. Because of the lower price points compared with 22-karat gold traditionally used for making jewellery, 14 karat is becoming a more practical option for jewellery buyers. 'Fourteen-karat gold is gaining traction in India, particularly among the younger demographic, due to its durability and affordability,' said Rajesh Rokde, chairman of the All India Gem & Jewellery Domestic Council. 'I believe this trend will continue to grow, driven by the increasing demand for lightweight jewellery pieces that offer elegance without breaking the bank.' IBJA's Mehta said the association had held several rounds of talks with the Bureau of Indian Standards (BIS) to allow a hallmarking facility for 9-karat gold. 'We have been informed by the BIS that they have worked out the hallmarking model for 9-karat jewellery. We are expecting clearance from the Ministry of Consumer Affairs, Food and Public Distribution shortly for hallmarking.' Currently, hallmarking is available on 24-, 22-, 18- and 14-karat gold jewellery.
Economic Times
a day ago
- Business
- Economic Times
Buyers keep hands off gold, as sales plunge 60% in June, steepest drop since Covid
Kolkata: Gold sales in June dropped 60% from a year earlier to 35 tonnes, the steepest post-Covid fall in volume, as high and volatile prices kept buyers away, the India Bullion & Jewellers Association (IBJA) said. In July too, gold price is showing volatility and there has been no drop in prices till date. On Monday, the price went up by ₹600 per 10 gm to cross the ₹98,000 mark. At the retail level, consumers will have to shell out ₹1,00,997 per 10 gm, including GST of 3%. "We do not see any immediate recovery in demand with many gold jewellery manufacturing units across the country cutting down their production of gold jewellery by almost half," IBJA national secretary Surendra Mehta told ET. "Small players are affected. It is a tough time for the gold trade. Despite offering freebies and discounts, volume demand is not going up." Gold trade analysts said internationally gold prices continued their upward trend, approaching $3,400 per ounce following renewed trade tensions sparked by US President Donald Trump's threat of additional tariffs on the European Union and Mexico. While Trump has allowed room for negotiations until August 1, the potential for a rapid escalation has kept risk assets under pressure, prompting investors to seek safety in haven assets like gold. Jewellers are actively pushing 14-karat gold jewellery to keep their business growing in the midst of the price surge. Because of the lower price points compared with 22-karat gold traditionally used for making jewellery, 14 karat is becoming a more practical option for jewellery buyers. "Fourteen-karat gold is gaining traction in India, particularly among the younger demographic, due to its durability and affordability," said Rajesh Rokde, chairman of the All India Gem & Jewellery Domestic Council. "I believe this trend will continue to grow, driven by the increasing demand for lightweight jewellery pieces that offer elegance without breaking the bank."IBJA's Mehta said the association had held several rounds of talks with the Bureau of Indian Standards (BIS) to allow a hallmarking facility for 9-karat gold. "We have been informed by the BIS that they have worked out the hallmarking model for 9-karat jewellery. We are expecting clearance from the Ministry of Consumer Affairs, Food and Public Distribution shortly for hallmarking."Currently, hallmarking is available on 24-, 22-, 18- and 14-karat gold jewellery.
Time of India
2 days ago
- Business
- Time of India
Buyers keep hands off gold, as sales plunge 60% in June, steepest drop since Covid
Kolkata: Gold sales in June dropped 60% from a year earlier to 35 tonnes, the steepest post-Covid fall in volume, as high and volatile prices kept buyers away, the India Bullion & Jewellers Association (IBJA) said. In July too, gold price is showing volatility and there has been no drop in prices till date. On Monday, the price went up by ₹600 per 10 gm to cross the ₹98,000 mark. At the retail level, consumers will have to shell out ₹1,00,997 per 10 gm, including GST of 3%. "We do not see any immediate recovery in demand with many gold jewellery manufacturing units across the country cutting down their production of gold jewellery by almost half," IBJA national secretary Surendra Mehta told ET. "Small players are affected. It is a tough time for the gold trade. Despite offering freebies and discounts, volume demand is not going up." Gold trade analysts said internationally gold prices continued their upward trend, approaching $3,400 per ounce following renewed trade tensions sparked by US President Donald Trump 's threat of additional tariffs on the European Union and Mexico. While Trump has allowed room for negotiations until August 1, the potential for a rapid escalation has kept risk assets under pressure, prompting investors to seek safety in haven assets like gold. Jewellers are actively pushing 14-karat gold jewellery to keep their business growing in the midst of the price surge. Because of the lower price points compared with 22-karat gold traditionally used for making jewellery, 14 karat is becoming a more practical option for jewellery buyers. "Fourteen-karat gold is gaining traction in India, particularly among the younger demographic, due to its durability and affordability," said Rajesh Rokde, chairman of the All India Gem & Jewellery Domestic Council. "I believe this trend will continue to grow, driven by the increasing demand for lightweight jewellery pieces that offer elegance without breaking the bank." IBJA's Mehta said the association had held several rounds of talks with the Bureau of Indian Standards (BIS) to allow a hallmarking facility for 9-karat gold. "We have been informed by the BIS that they have worked out the hallmarking model for 9-karat jewellery. We are expecting clearance from the Ministry of Consumer Affairs, Food and Public Distribution shortly for hallmarking." Currently, hallmarking is available on 24-, 22-, 18- and 14-karat gold jewellery.
News18
02-07-2025
- Business
- News18
Silver Price Outlook 2025: Will Silver Continue To Shine More After A Record Run?
Last Updated: Silver Price Outlook 2025: The outlook for silver over the next 6–12 months is positive, with expectations of increase in silver prices. Silver Price Outlook 2025: The silver price saw a rally in 2025 to reach a record 13-year high, especially in the last two months embroiled with geopolitical uncertainty due to India-Pakistan and Iran-Israel tensions and supply-demand constraints. On a Year-To-Date basis, Silver rose almost 22.25 per cent to reach USD 36.11 per ounce in 2025. At the start of the year, it hovered in the price range of USD 26-28 per ounce. Analysts say factors such as buoyant industrial demand and supply constraints due to geopolitical tensions could be the major factor in pushing the silver price in north. Even as global tensions ease and equity markets strengthen, silver maintains its relevance due to sustained industrial consumption and constrained supply, said Aksha Kamboj, VP, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures. Is Silver Still Cheaper Than Gold? Experts believe that silver is still cheaper than gold despite the rally to hit 13-year high. They see the upside potential in the near future to give good returns. The gold-silver ratio has dropped from above 100 to about 93, showing that silver has been gaining compared to gold. Silver is still trading well below its 2011 peak of $50, and we believe there is still room for further upside in the current market, argued Satish Dondapati, fund manager of Kotak AMC. Currently trading around Rs 110,000 per kg, Kamboj explained, silver is increasingly seen not just as a lower-cost safe haven, but as a vital industrial metal essential to sectors such as solar energy, electronics, and clean technology. She added while gold embodies tradition and wealth preservation, silver offers accessibility and growth potential making it not just a secondary choice, but a strategic complement. Silver Future Outlook 2025 The outlook for silver over the next 6–12 months is positive, with expectations of increase in silver prices driven by strong industrial demand, supply constraints, weakening US dollar and macroeconomic factors, said Dondapati. Dondapati said if it drops further to 70, silver could reach around $48.57 per ounce. He added silver has strong long-term potential, but investors should be cautious of risks like high price volatility, a stronger U.S. dollar, or rising interest rates.
News18
04-06-2025
- Business
- News18
Gold Prices May Fall Below Rs 85,000 In 2 Months: What's Behind The Big Decline?
Last Updated: Gold prices may fall by 12-15% in the next two months, says Quant Mutual Fund. Currently, 24-carat gold is Rs 98,500 per 10 grams in Delhi. Gold Rate Prediction: After an impressive upside move in the past few months, gold prices might fall by 12-15% in the next two months, according to brokerage house Quant Mutual Fund. Currently, the price of 24-carat gold stands at Rs 98,500 (without 3% GST) per 10 grams in Delhi. 'Gold has peaked out and has the potential to correct by 12-15% in dollar terms over the next two months. However, our medium-term and long-term views are equally constructive, and we reiterate that a meaningful percentage of your portfolio should be dedicated towards precious metals," Quant Mutual Fund stated in its latest 'Factsheet for June 2025'. A US-based Morningstar analyst has already forecasted a 38% decline over the next few years. If this becomes true, gold prices in India could plummet to Rs 56,000 per 10 grams. John Mills has provided several significant reasons for this anticipated drop in gold prices. An increase in supply is one of the reasons for the expected fall in gold prices. Gold prices have jumped over 34% this year, surpassing other asset classes in gains. The bullion rates have jumped in the past few months due to increased investor demand for safe-haven assets amid escalating geopolitical and economic uncertainties. Investor sentiment turned defensive on the back of US President Donald Trump's tariff decisions, rekindling trade war concerns with China. Escalating tensions in the Russia-Ukraine conflict further strengthened the safe-haven demand. The price rise is adversely affecting retailers. According to the India Bullion & Jewellers Association (IBJA), gold jewellery sales in India dropped 30% to 1,600 kg on average in the past fortnight. After the 15% decline (as anticipated by Quant MF), gold prices might fall below Rs 85,000 per 10 grams. In the international market, spot gold was up 0.3% at $3,361.73 an ounce, as of 1003 GMT. US gold futures firmed 0.3% to $3,385.80. US President Donald Trump doubled its tariffs on steel and aluminium imports on Wednesday, the same day the Trump administration expects trading partners to make 'best offers" to avoid other punishing import levies from taking effect in early July. He said that Chinese President Xi Jinping is tough and 'extremely hard to make a deal with," days after the US President accused China of violating an agreement to roll back tariffs and trade restrictions. The focus will be on Friday's US non-farm payrolls data for more cues on the Federal Reserve's policy path. Fed officials have reiterated their cautious policy stance, citing risks from trade tensions and economic uncertainty. 'If the data is stronger than expected, interest rate cut expectations are likely to wane, which would weigh on the gold price," said Commerzbank analyst Carsten Fritsch, as per Reuters. 'We see gold trading in a range between $3,300 and $3,400 per troy ounce in the short term." Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment.
