Industry

Gold is becoming exorbitant day by day

This year gold creating major problems for the jewellers lapidary are facing problems due to gold. But why jewellers this type of condition. As per the experts of Gold markets, the fare is the main reason why gold is making Nasty situation price of the prices might cross Rs 40,000 mark, per 10 gram around the festival.

  • In Capital, the rate of gold is around Rs 38,420 and Rs 38,250 per 10 gram, talking to https://indiabusinessstory.com/ jeweller said it’s very difficult for us to sell the gold in the market. Customers are not buying the gold due to its high rates jewellers hard time they are not able to pay the salaries to their staff from last 2 months due to no work in markets.
  • Shopkeeper owner also said that our client coming to sell the gold but jewellers are not buying the gold. Keeping Gold in our shops will not make us money. The demand for the Gold has declined up to 10% in Delhi itself.
  • Shopkeepers also told us that after the budget conditions of markets has become worse. Many jewellers have shut down their shops and many have shortlisted their staffs which were working for them.
  • Besides this reporting Agency IANS also outline that High gold prices have hit demand in India–the second-biggest consumer of the precious metal in the world. According to the latest data, gold imports to India slumped 42 per cent to $1.71 billion in July. Jewellers have reported a higher supply of scrap gold as consumers sell their old jewellery, prompted by higher prices.
  • Lower interest rate by central banks and the ongoing trade dispute between the US and China are the other factors that have supported the gain in gold prices.
  • From last many days, the price of the gold is shining at its height. Now why gold has become more expensive

    Here are the main rationale

    The trade war between the US and China

    The mixed signs being sent out by the US on the duty war only fans investor concerns, making gold all the more in demand.

    Weak economic outlook

    The global economic outlook is dim for the year 2019 as the world is assumed to grow at 3.2 per cent in 2019 and 3.5 per cent in 2020 as per July’s World Economic Outlook report (WEO).

    Downbeat Asian markets

    Asian markets have not delivered as per the expectations of investors.

    fragile rupee

    The rupee on Monday settled under the 72 levels against the US currency for the first time in nine months.

    An outpouring of foreign reserves from Indian markets

    In July 2019, sloping out restricted to Rs 11,000 crore from the Indian assets market and over Rs 9,000 crore on a nett basis in the first half of August.

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