Market expected to gain momentum, say bullion experts

The bullion industry experts feel that the Finance Minister's measures to deal with the economic crash as India battles the coronavirus will help the market gain momentum after a sharp fall in the recent past.

"The bullion industry has already witnessed a drop due to the current crisis situation. It could crash further by 30-40 per cent considering the current scenario and the upcoming festive season. The finance minister's decision would help the market gain some momentum and hopefully, the situation would improve in the coming days," said Prithviraj Kothari, National President of Indian Bullion and Jewellers Association Ltd.

Meanwhile, industry observers have also seen movement in gold buying on online platforms through digital gold leaders.

“Augmont has seen a 15% spike in purchases of gold coins and gold bars on a digital platform. Online shopping has become a user-friendly platform and there is hardly anything which is not available online. This has helped people to shop gold not only during festivals but all through the year.

With the right platform, one can buy coins of minimum 0.1 gram and have these either safely stored away or delivered at home,” said Sachin Kothari, Director, Augmont.