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MUMBAI: The rate of 24 carat gold crossed an all-time record of Rs 70,000 per 10 gm April 1. A buzz erupted in the trading circles of Zaveri Bazar at the new milestone. “Today’s retail rate is Rs 70,700 per 10 gm including GST. On Friday it was Rs 68,500 per 10 gm. Global factors are driving up prices,” said Kanaya Kakad, national director, skill development of IBJA (India Bullion and Jewellers Association).
Kakad said prices are expected to rise further to Rs 72,000 within 10-15 days.”Gudi Padwa April 9 will be a litmus test for buyer sentiment. Customers may take a few days to absorb the news but they will resume purchases because gold is an asset whose value can only appreciate. Also it is the only asset which the buyer controls completely, unlike stock market shares and real estate which are subject to the vagaries of market factors and individual builders,” he said.
Another jeweller Jitendra Jain agreed that traders expected rates to go up further.
Kakad said prices are expected to rise further to Rs 72,000 within 10-15 days.”Gudi Padwa April 9 will be a litmus test for buyer sentiment. Customers may take a few days to absorb the news but they will resume purchases because gold is an asset whose value can only appreciate. Also it is the only asset which the buyer controls completely, unlike stock market shares and real estate which are subject to the vagaries of market factors and individual builders,” he said.
Another jeweller Jitendra Jain agreed that traders expected rates to go up further.
