June 15: India’s metro regions have begun permitting non-essential retail operations as lockdown restrictions have been relaxed all across, giving scope to gold demand that has been increased this week however, stores are still offering discounts and are ridged to remain tentative to order more stocks.
Indian brick-and-mortar gold jewellery retailers are witnessing returning of the business as the non-essential stores begin to re-open. However, gold dealers are even now offering significant discounts of up to Rs. 878 ($12) “an ounce of gold over official domestic prices, inclusive of 10.75% import and 3% sales levies in a bid to get business rolling again”, ET Bureau reported.
Recently on Monday morning as reported by the Economic Times, India had reported its lowest Covid-19 cases to count in 74 days at 70,421 infections along with 3,921 deaths reported in the last 24 hours. States such as Karnataka, Tamil Nadu, and Haryana has also witnessed relaxation in certain lockdown restrictions in many of its areas.
With ease in lockdown restrictions, people in the jewellery industry are hoping to see a boost in the wedding demand which will lead to an increase in gold jewellery sales.
Bullion dealer RiddiSiddhi Bullions’ director Mukesh Kothari told Reuters, “Slowly, businesses are opening up in a few states. As new coronavirus cases are falling, expectations are most states will ease restrictions in the next few weeks.”