Due to a sharp increase in price in a very short time and the flow of smuggled gold continuing, gold price in Mumbai is quoted at around ₹59,000 per 10 gram.
Typically, overall demand in the January-March and July-September quarters is moderate-to-dull, which is the case in the ongoing period.
However, this along with prevailing high prices ahead of April-June quarter, which is strong due to the marriage season and Akshaya Tritiya, this year may see low gold demand after a robust 2022.
Gold price has remained volatile with an upward bias in the current quarter. It fell in the early part of 2023 on expectations that the Fed will cut rates and inflation may come under control. But, in less than two weeks, gold prices in the international market have jumped 10 per cent from levels of $1,810 an ounce, touched a high of $2,010, before settling around $1,970 currently. The recent gains follow several events that have led to gold buying for its safe haven character.
Domestic prices have also jumped 8 per cent in Mumbai's Zaveri bazaar.
This story is from the March 22, 2023 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 22, 2023 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Cargo captain
Shetty, the logistics leader who lives where Rajesh Khanna once did, takes DEV CHATTERJEE through his life that started at the docks, with some cinematic stopovers
Infosys slumps to 5-mth low on modest guidance
Firm expects BFSI to recover, which could be a key catalyst for revenue growth
Sebi proposes special call auction for price discovery of holdcos
The Securities and Exchange Board of India (Sebi) on Friday proposed a new framework for price discovery of listed investment holding companies (holdcos) to address the gap between their traded price and book value.
Motilal Oswal shares soar on bonus proposal
Shares of Motilal Oswal Financial Services (MOFSL) surged more than 7 per cent on Friday after the brokerage firm said its board was considering a bonus issue.
enchmark indices snap four-day losing streak
Equity benchmark indices snapped their four-day losing streak to end Friday's session higher amid some short covering and a surge in index heavyweight HDFC Bank.
₹ hits new intraday low, bond yields surge
The rupee hit a new intraday low of 83.57 against the US dollar on Friday as geopolitical tensions escalated in West Asia but pared losses after Iran downplayed the impact of an Israeli missile attack.
HDFC AMC profit jumps 37% in FY24
HDFC Asset Management Company (AMC) on Friday reported a 37 per cent jump in net profit at 1,943 crore for the financial year 20232024 (FY24).
Vi FPO subscribed 49% on Day 2
The follow-on public offering (FPO) of Vodafone Idea (VIL) saw 49 per cent subscription on Friday, a day before its close.
HDFC Bank shares gain ahead of results
Increase in FPI legroom seen as key trigger
MFs pare exposure to banks, NBFCs in fourth quarter
This comes amid persistent margin pressure, regulatory issues
