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Gold Demand Surge: The festive season is in full swing. The markets have been decorated, shops have been set up, crowds of people have started gathering. People are shopping as per their convenience. Although there is a trend of buying gold or silver jewellery, coins etc. on the occasion of Dhanteras or Diwali, but due to the rise in prices, people are staying away from it.
However, this misunderstanding was cleared when Ajay Chawla, head of Titan’s jewelery division, revealed the truth. At present, gold has reached its all-time high level of Rs 1,30,000 per 10 grams, but the surprising thing is that despite this there has been no decrease in the demand for gold. People are buying gold indiscriminately.
This is how the truth came out
NDTV Profit quoted Ajay Chawla as saying that sales have increased since the beginning of the festive season. Till Navratri, we saw that many customers were staying away from shopping, hence there was no significant increase in sales. However, now with the arrival of Dhanteras and Diwali, people are getting attracted towards shopping again. Earlier people were waiting for the price of gold to fall, but now people have realized that the prices will either remain stable or increase.
Now people are not confused about the price
During this time last year, the price of 24 carat gold was around Rs 78,610 per 10 grams. Ajay Chawla stressed, “Those who till now were indecisive about increasing or decreasing the price, have also started coming back. People’s inclination has clearly come back. Regarding the purchase of gold amid the record high of gold in the festive season, Ajay said, we are especially seeing demand for gold coins and bars – perhaps due to investment or FOMO. People are thinking that gold priceThese will increase further.
Current trends show that skyrocketing prices have not reduced demand, but have given rise to Fear of Missing Out (FOMO). Amidst speculations that jewelery shops are running out of gold bars, Ajay Chawla said, there is a shortage of gold in the country. We have made adequate plans for this, but I would not be surprised if we run out of coins. There is concern among customers that there may be a shortage of gold.
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