Zaveri Bazaar Gossip


wealthymatters

If you believe that there is something to be gained to by keeping your ears open to bazaar gossip,here is the on-dit in Mumbai’s wholesale gold market:

The international slowdown in gold prices has hit India in a significant way. Investors are disappointed and look to sell at the earliest opportunity.The current scenario does not make for a buyer’s market. People are waiting  for prices to drop further. The sale of exchange-traded funds (ETFs) and short-selling by investors has contributed to the decline.

A correction was in order given the astronomical rise in bullion over the past few years.Its the same for silver as well. This could be good news for retail buyers with the wedding season coming up in May.

May 13 is Akshay Tritiya, which may witness a drop in sales. The prospect of a free fall in prices will prompt buyers to defer non-essential purchases until Dhanteras, when prices could be even lower at round 22000-23000 Rupees per 10 grams.

Certainly,going by the subdued responses to the Siddhivinayak Mandir‘s gold auction for drought relief on the 11th i.e, Gudi Padwa, there is reason to be cautious.Small buyers were on a strict budget and the devotees who regularly make the big purchases were uninterested and absent.

Gold Price Sources.


wealthymatters.comThe new national pastime seems to be watching the gold price avidly.My dad catches up on it in the newspapers and my mom insists on watching it on TV and giving me periodic updates. Never mind that there is so much delay in the prices relayed to make things pretty confusing.

If you must follow the gold prices, these are the best places to do so:

The COMEX prices are shown live on the chart at the top left hand side of the page here: http://www.goldprice.org/spot-gold.html

This link will show the MCX spot prices  http://www.mcxindia.com/sitepages/spotMarketPrice.aspx

And to get a sense of which way gold dealers think the prices will go,use this link: http://www.mcxindia.com/sitepages/RealTimeData.aspx  Read more of this post

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