Gold prices surge to ₹1.59 lakh, jewellers halt purchases
Gold prices hit ₹1.59 lakh per 10 gm amid geopolitical tensions, leading to a 70% drop in jewellers' purchases. Retail consumers are exchanging old gold, shifting from jewellery to investment-led buying.
after close1 source ↓written by the desknot a recommendation
- in Mumbai's spot
- ₹1.59 lakh per 10 gm
- on Friday
- ₹1.54 lakh
- sales have plummeted
- 70%
- also rose
- ₹3.42 lakh per kg
- in gold prices
- 30% increase
Gold prices reached ₹1.59 lakh per 10 gm in Mumbai's spot market, up from ₹1.54 lakh on Friday, driven by geopolitical tensions and a weaker dollar. Retail sales have plummeted 70%, as jewellers halt purchases, relying on old gold exchanges to meet demand. Silver also rose to ₹3.42 lakh per kg.
• Jewellers are facing a shift from jewellery to investment-led buying.
• The continuous price rally has led to a 30% increase in gold prices this month.
• The market is witnessing a significant transition in consumer behavior.
Not investment advice. For informational purposes only.