Ahmedabad: Supported by good sales driven by hidden requests, increasing income, marriage, and investment requirements for gold and silver imports have exceeded the pre-pandemic level in the calendar in 2021.
According to data released by Ahmedabad Air Cargo Complex (AACC), around 42 , 1 metric ton (MT) of gold imported to Gujarat in 2021, up 123% against 18.8 MT in 2020 and slightly higher than 41.79 MT in 2019.
Shows trends that are even more bullish, silver imports are on In 2021, sevenfold against 2020 and 1.5 times against 2019.
The demand for both precious metals was still floating throughout the year.
“Apart from the handsome advantage of the equity market, the investor section keeps their faith in gold as a safe place,” said Haresh Acharya, Director, Bullion Association and Indian Jewelry (IBJA).
Acharya added: “This encourages demand for gold and jewelry.
Some people invest in sovereign gold bonds and trade funds traded (ETF) that are not taken into account in the physical import of gold.” He continued by saying: “Apart from the jewelry request remain bullish too Of course.
” The price of gold touched Rs 49,700 per 10 grams on Saturday on Ahmedabad Market.
Acharya associates a surge in demand at gold prices that remain stable throughout the year.
In addition, the reduction in gold import duty from 12.5% ​​to 7.5% was announced in the Union budget in February 2021 also encouraged sales, he said.
Industrial players said that investors were transferred to gold because interest rates were revealed at the bank as well.
With some marriages that occur, pent-up requests for jewelry also work well.
Jigar Soni, President, Ahmedabad Jewelry Association (JAA), said: “Many customers who have waited or suspended the opportunity to organize them last year which drove the purchase of gold.” He added: “People realize the importance of gold as heaven and therefore continue to invest in the form of jewelry during the Muhails Festival as well.” As for silver, requests are powered by investors.
Silver prices reached Rs 64,300 per kg on Saturday on Ahmedabad Market.
“Many who invest in silver anticipate better returns.
Silver prices are expected to pass the level of Rs 70,000 per kg,” said Manoj Soni, a Ahmedabad based jewelry.
“Even the sale of light silver jewelry grows during the celebration season along with artifacts.
As a result, silver demand surged further.” With higher gold and silver demand, work in the gem and jewelry sector has increased significantly because a number of craftsmen returned from their home countries.