High Gold Prices Dampen Akshaya Tritiya Demand
The recent surge in gold prices is likely to dampen consumer demand during Akshaya Tritiya.
Too little corroboration in the last 3 days to call a trend (12 articles). Watching for it to gain traction.
Mainstream financial press is carrying this — attention has broadened beyond specialist outlets.
"Gold and silver prices fell in Indian futures trade on Wednesday, August 19, as weak spot demand and selling by market participants weighed on domestic prices. The fall in domestic gold prices was attributed to weak spot demand."
"Gold prices fell 3.88 per cent in July to USD 4,073.92 per troy ounce from USD 4,238.32 in June, following a 10.28 per cent month-on-month decline in June"
"Jewellery demand fell 17 per cent year-on-year as high prices weighed on affordability... High prices will keep pressure on jewellery volumes."
"India's gold demand slipped to its lowest level in six years during the April-June quarter, pushed down by record-high prices, a steep increase in import duty and a weak buying season despite the boost from Akshaya Tritiya-induced purchases."
"Footfalls at jewellery stores remain negligible. Retail buyers are waiting for a meaningful correction in prices before making purchases."
"Gold discounts in India widened last week to a one-month high as weak jewellery demand and hopes of lower prices kept buyers on the sidelines."
"Gold prices saw a decline across major Indian jewellery brands today. Tanishq, Malabar Gold & Diamonds, Kalyan Jewellers, and Joyalukkas reported lower rates. These price drops were observed in cities like Delhi, Mumbai, and Chennai."
"Analysts attributed the decline in gold prices to weaker demand in the physical market."
"At the same time, uncertainty over where prices may stabilise is making buyers hesitant. Many buyers are waiting for signs that prices have stabilised before returning to the market, especially after the sharp volatility seen this year."
""Retail demand is not picking up even though the wedding season is underway. Higher prices are severely affecting purchases," said a Hyderabad-based jeweller."