With an impressive portfolio of projects, Al Bateen offers a vast range of high-quality fasteners across industries
"On Dhanteras, the gold sales touch around 40 tonnes every year. However, the weak demand may decrease the sales by 50 per cent this year," Surendra Mehta, National Secretary, India Bullion and Jewellers Association (IBJA) told IANS.
Gold imports have also nosedived due to higher prices and an increase in the import duty, Mehta added. India imported only 26 tonnes of gold in September this year, down from 81.71 tonnes a year ago. The imports fell 68.18 per cent, as compared to last year.
"There are three types of gold demand - wedding demand, festive season demand and regular demand. The regular demand is already low due to the liquidity crisis in the market. Besides, buyers are avoiding to invest in gold much an account of higher prices," Mehta said.
"Moreover, the gold demand will continue to remain low this festive season," he added.
Another market analyst pointed out that another reason for the weakened domestic demand last month is that prices in the global market have risen.
"The gold prices in the domestic market follow the trend in the international market. However, the recent fall in prices may improve the festive season demand," said Ajay Kedia, Director, Kedia Advisory.
However, the bullion market may lose its sheen this festive season due to the economic slowdown in the country, Kedia added.
With an impressive portfolio of projects, Al Bateen offers a vast range of high-quality fasteners across industries
Israel's military campaign against Hamas has reduced much of the territory of 2.3 million people to a wasteland with most civilians homeless
The event caters to diverse interests, including medicine and emerging career paths
Organised by Ameeraga Tamil Sangam, the event had participants from across the UAE
The esteemed initiative delivered essential grocery food baskets to around 5,000 deserving families across 14 Bangladeshi districts
Judges for the AI awards not only recognise excellence and innovation, but also assess performance and monitor progress in artificial intelligence computing and responses
A plea moved in court stated that no one is permitted to wear the official state institution outfit
Bayer Leverkusen boss Xabi Alonso had been the favourite to succeed Klopp but has now committed himself to the German club after leading them to a first-ever Bundesliga title