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With economic activities reaching pre-pandemic levels, India Ratings expects the momentum to continue into FY22, backed by a softening of gold prices
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Silver also looks bullish, considering its demand from green energy segment and automotive and electric vehicles and gadgets segments
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"Spot gold prices for 24 carat in Delhi were Rs 61 higher despite of rupee appreciation," said Tapan Patel, HDFC Securities, Senior Analyst (Commodities)
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On MCX, April gold contracts were trading lower by 0.3% at Rs 44,737 for 10 grams in early trade, while May silver futures, too, were trading 0.5% lower at Rs 67,225 a kilogram
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Gold futures edged higher sharply after breaking above $1700 per ounce but flipped back after hitting one week high near $1740 per ounce as soaring equities capped upside.
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Gold is one of the most coveted metals in the world; it has been used as a medium of exchange longer than any currency in history
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Continuing flows in gold ETFs further indicate increased acceptance of these efficient forms of owning gold
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Rupak De, senior research analyst at IIFL says that gold investments will help beat inflation, but aggressive buying should be avoided even as gold prices fall
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The platform would assist the company to automate its order and inventory management across its own site as well as on multiple online marketplaces
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Analysts believe the lower prices of gold and silver in physical markets is expected to push demand further.
