Bullion dealers start restocking of gold amid expectations of further price fall

7501a sizedownsmall Bullion dealers start restocking of gold amid expectations of further price fall7501a sizeupsmall Bullion dealers start restocking of gold amid expectations of further price fall
 Bullion dealers start restocking of gold amid expectations of further price fallIn the last few days, gold prices have fallen in both global and domestic markets leading to bullion dealers in India, says a report.

The report further adds that in India, however, gold fell to nearly four month low to close at Rs. 26,030 per 10 grams in the benchmark Zaveri Bazaar here. Bullion dealers avoid building inventory between June and August as jewellery sales remain slow during monsoon. By the end of August, however, export enquiries start for execution of orders in October and November for the Christmas and the New Year seasons. Also, in domestic market, jewellery demand begins with the onset of festival season in August-September. Around same time, therefore, bullion dealers and jewellers start building inventories, adds a report.

Bullion dealers have started restocking in phased manner expecting a further price fall. On every landmark fall, however, they build 10-15 per cent of inventory. However, the dealers do not expect gold price to rise from the current level on expectations of restoring investors’ faith in the greenback. With US interest rate is expected to revise upwards, investment in US treasury may yield higher returns. Consequently, gold and silver would lose its appeal as safe haven bet, adds a report.



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