Gold and silver prices fell in the national capital on Wednesday. Gold fell by Rs 149 to Rs 44,350 in the national capital today. According to HDFC Securities, gold stood at Rs 44,499 per 10 grams in the previous trade. Gold prices have become more expensive in the domestic market due to rising global prices.
Silver became cheaper by 866 rupees
Speaking of silver, it has come down by Rs 666 per kg to Rs 644,6077. Silver had closed at Rs 65,473 on the previous trading day. In the international market, gold reached 7 1,729 per ounce, while silver was at. 25.12 an ounce.
The retail jewelry industry could grow 35 percent this year
The retail jewelry industry is expected to grow 30-35 percent this year after a sharp fall in gold prices. India Ratings said in a report that economic activity would reach Corona-East and softening gold prices would accelerate the recovery. Earlier, in the third quarter of 2020-21, the festive season, the demand for gold due to weddings and the 10 per cent decline in prices increased the demand for gold. Demand for jewelry is expected to grow 30-35 percent in 2021-22 due to increased demand, the report said. However, seeing the ‘V-shape’ of the economy improve in the next financial year, the overall demand may increase by five to ten per cent compared to the previous level of corona.
Increase the profits of sellers
India Ratings reported that during the first three quarters of the current financial year, the profits of large jewelers increased by 7.7 per cent over the previous level. Its total profit during 2019-20 was 5.9 percent. In addition, lower import tariffs, tariff easing and lower prices could boost the profits of even larger sellers, which are expected to be 25-50 percent higher than the pre-coronary level.