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Gold down 23% from January peak; 15% duty and festive demand seen cushioning further falls into Diwali
Our read
Gold is more likely to consolidate than fall much further into Diwali, with the 15% duty and festive buying as the floor.
For operators
With gold 23% off its January peak and buyers shifting to lighter pieces and ETFs, lean Diwali ranges toward lightweight, lower-ticket designs, keep metal hedged against the roughly 25% expert-flagged risk of a further slide, and use the 15% duty and festive demand as a floor for planning rather than a guarantee.
Watch
MCX gold breaking below the Rs 1,45,991/10 gm low
The report,
Indian gold prices are down around 23% from their January peak, with MCX futures touching a low of Rs 1,45,991/10 gm last week. Experts say 15% import duty and festive and wedding demand should cushion further falls, while lighter jewellery and ETF buying dampen demand.
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Reported figures
From the report. Source details below
| International gold fall from $5595 record: | 26% |
|---|---|
| Probability of fall into $3600-$3750 band: | around 25% |
What to watch next
- A sharp rise in US yields that pushes Indian prices toward Rs 1.25 lakh
- Global gold moving toward the $3,600-3,750 zone
- Diwali-season jeweller commentary on footfall and average grams per purchase
- Any change to the 15% import duty
The source
Published
First seen