As the Shaadi season is set to start from April 14, 2022, and according to a report, around 40 lakh Shaadi is going to take place, Zee Business’ Commodity Editor and Anchor of Consumer, Mrituenjay Jha spoke to a panel of experts to know what should be gold buyers strategy, right planning to buy gold jewellery, the right time to buy gold jewellery and how to identify the purity of gold.
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Q. Are current levels of gold preferable to buy, or buyers should wait for a further drop in prices?
A. Bhargava Vaidya, Proprietor at BN VAIDYA & ASSOCIATES, said that those who have to buy gold jewellery should buy it now. On the basis of pricing, a level of Rs 51,000 can be a good level to buy gold for retail buyers. Vaidya said that the gold would, at maximum, reach the lowest level of Rs 50,00, and he maintained a bullish stance on gold.
Q. Since it’s the first time that country has been a little relieved after being hit by coronavirus for 2 years, what is the feedback received from the market? Do sellers expect drastic growth in gold buying?
A. Saiyam Mehra, Vice-Chairman at GJC – All India Gem And Jewellery Domestic Council, said that a recent exhibition they held recorded a huge footfall of around 12,000 people. The people seem interested in buying the rose gold light wear jewellery. Additionally, the Gudi Padwa celebration witnessed a good number of sales after 2 years. Apart from this, whatever new designs were made in the month of March for the upcoming 3 months Shaadi Season, retailers seemed to have started picking up on it. It is the right time to buy before Akshay Tritiya Festival, and there could be a correction of Rs 500.
Mehra said that consumers should look for BIS Hallmark before buying gold. Consumers can also pick jewellery in digital format. Consumers can compare the price with MCX price, and a difference of 1 per cent to 2 per cent doesn’t make much of a difference.
Q. For those who are attending weddings and are planning to gift gold jewellery, whether they should wait or buy at current levels?
A. Jigar Trivedi, Manager of Commodity Fundamental Research at Anand Rathi, said that the best buy in gold is sovereign gold bonds. Additionally, one can go for gifting gold coins of gold exchange-traded funds (ETF).
According to Trivedi, the intraday call for today should be selling, at a target of Rs 51350, with a stop loss of Rs 52000.
Q. Amid US Fed’s aggressive approach to the interest rate, which has made the gold market static. What is the outlook for gold prices in future?
A. Prathamesh Mallya, AVP of Research, Commodities & Currencies at Angel One, said that if due to volatility, the price increases, it will reach the level of Rs 55,00 and if it stays in the consolidation zone, the price will remain in the range of Rs 51000 – Rs 52000. If US Fed keeps increasing the interest rates, the gold prices may also reach the lower level of Rs 48,000. The gold rates are expected to vary between the range of Rs 55,000 and Rs 48,000 for the next three months. However, from today’s perspective, Mallya recommended selling. He claimed that there could be a correction of Rs 200 – Rs 300 today.
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शादियों के सीजन में कैसे करें ज्वेलरी खरीदारी की प्लानिंग?
ज्वेलरी खरीदते वक्त कैसे करें Purity की पहचान?#gold सस्ता होगा या महंगा?
सोना खरीदने कौनसा है Right Time?
— Zee Business (@ZeeBusiness) April 8, 2022