Pune: Jewellers are expecting purchases to pick up over the next few weeks with gold falling to nearly 15% below Jan’s record highs of Rs1,80,000/10g.“People are waiting for gold prices to dip further. There is no major buying and selling activity yet, but we do expect some sales in the run up to the festive period,” said a jeweller in Mumbai’s Zaveri Bazaar.Industry players said the correction in prices could encourage bargain buying, particularly among customers who had postponed purchases during the recent rally in rates. Currently, gold is trending at Rs1,47,800/10 g (without GST) and silver at Rs2,42,582/kg.The May 13 duty hike to 15% and the govt’s appeal to defer purchases are tempering enthusiasm. Buyers are accumulating selectively in 5gram-10gram lots rather than making big-ticket purchases, said head of research at Augmont Dr Renisha Chainani. “Old-gold exchange continues to dominate, funding 40%-70% of transactions. Investment-oriented buying — coins, bars and digital gold — is outpacing discretionary jewellery,” she said.A jeweller in Pune Camp said, “There are not too many new customers right now. We are seeing a good amount of exchange happening. Customers are in a wait-and-watch mode, they want to time the market to make purchases when gold hits lower levels.”Sahil Joshi, a resident of Wanowrie, said, “Traditionally, we buy some gold coins during the Ganpati festival. I’m planning to book the coins at the current price and take delivery later. Prices are very volatile, so it makes sense to book at these levels.”Gold prices have seen a correction from their recent highs, influenced by a combination of factors — including a strengthening US dollar and evolving global macro conditions. Some consumers are in a watchful mode, anticipating a potential near-term stabilisation before committing to larger purchases. “We continue to see strong interest in investment-grade gold and silver products. Historically, price corrections of this nature trigger renewed buying activity, particularly among value-conscious Indian consumers who view every dip as an opportunity to accumulate,” said Samit Guha, MD and CEO, MMTC-PAMP.
