Manisha Gupta

Demand for gold has increased due to several factors. Investors seek safe-haven assets amid growing geopolitical tensions in the Middle East.

Currently trading near $34.50 per ounce globally, silver has captured investor attention, with many analysts forecasting even higher prices, potentially reaching $40 to $42 per ounce in the coming six to twelve months.

Although sales slowed slightly in September due to Pitru Paksha, a period of reduced purchases, demand is picking up again as the festive season approaches.

Gold consumption in India remains predominantly in the form of jewellery, with 66% of the total gold used as adornments, while 34% is used as bars and coins.

Suvankar Sen, MD & CEO of Senco Gold said that a reduction in gold duty in August encouraged customers to start buying early, increasing visits to their stores and kicking off purchases for the upcoming wedding season.

While precious metals are leading the pack, industrial metals show mixed performance. Copper, aluminum, and zinc are seeing gains, whereas steel, nickel, and iron ore have declined year-on-year.

With plans to expand to 100 stores by the end of 2025, Novel Jewels is focused on growth and innovation, driven largely by the market’s ongoing shift towards formalisation.

Sachin Jain, India Hd, World Gold Council highlighted the strong consumption of gold in rural and tier markets, driven by good agricultural income and the practice of saving.

As Samvat 2080 comes to an end, gold and silver have surged to unprecedented levels, benefiting from central bank demand, global economic shifts, and a strong appetite for safe-haven assets.

The Indian Sugar Mills Association (ISMA) has raised concerns over a potential crisis in the sugar industry, warning that many sugar mills could struggle if ethanol prices are not revised soon.