New Delhi: Gold and silver prices have seen significant declines in the first half of February, with gold falling nearly 16% and silver dropping 38%. However, the jewelry market has remained subdued, with major buying restricted primarily to households preparing for weddings.
Price Update
On Wednesday, silver in Delhi’s jewelry market rose by ₹1,000, reaching ₹2.46 lakh per kilogram, while 99.9% purity gold became ₹300 cheaper, trading at ₹1,56,700 per 10 grams. These prices include all applicable taxes.
Consumer Behavior
According to Senco Gold & Diamonds, store traffic has increased after the price drop, but customers are still cautious, avoiding bulk purchases. People are preferring lightweight jewelry for now. Suvankar Sen, MD of Senco, said that while value-based sales could see a 25% rise compared to last year in this quarter, volume may remain subdued.
Who Is Buying?
Rajiv Pople, MD of Pople & Sons, noted that current demand is largely limited to families planning weddings. Other customers are holding back, anticipating further price declines. Industry experts believe that once gold prices stabilize, demand will pick up strongly.
Market Outlook
The overall trend remains favorable for gold, though intermittent profit-booking may cause short-term price dips. Silver prices continue to fluctuate due to industrial demand and market volatility, but the long-term trend remains robust.
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