Gold Prices Soar, Sparking Increased Buying Ahead of Festive Season

Gold prices have surged by 7% in the past 10 days to reach Rs 1.52 lakh per 10 grams, sparking an increase in festive purchases despite high prices.

Jewellers expect a higher spending during the upcoming festive season, even though sales volumes are under pressure due to elevated prices.

Rajiv Popley, director of Mumbai-based Popley & Sons, said that NRIs (non-resident Indians) and domestic customers are buying gold as they anticipate further price gains.

CaratLane's managing director Saumen Bhaumik noted that while footfall has seen a slight dip, consumers are adapting to higher prices by opting for lightweight designs, lower-carat gold, and even silver.