Precious metals are on a roll in India. Gudi Padwa or Ugadi is the beginning of the new year for the people of Maharashtra, Andhra Pradesh and parts of Karnataka. On Monday, April 4, many Indians celebrating the festival, thronged to jewellery outlets and bought silver coins as token icons.
Silver has risen at more than twice the rate of gold last year and has come close to gold, narrowing the gold-silver ratio gap. The ratio, which was around 70 in June last year, has practically been halved, maintain analysts. There are also several new instruments that are being offered in the markets, not just for paper instruments like ETFs, but also for ornaments.
On the occasion of Gudi Padwa - one of the three-and-a-half auspicious mahurats of the Hindu calendar - many jewellers have cut down their making charges, which has ensured good sales. In India, jewellers add on a making charge to the gold or silver ornament, which is over and above the rate of the bullion.
Silver has risen at more than twice the rate of gold last year and has come close to gold, narrowing the gold-silver ratio gap. The ratio, which was around 70 in June last year, has practically been halved, maintain analysts. There are also several new instruments that are being offered in the markets, not just for paper instruments like ETFs, but also for ornaments.
On the occasion of Gudi Padwa - one of the three-and-a-half auspicious mahurats of the Hindu calendar - many jewellers have cut down their making charges, which has ensured good sales. In India, jewellers add on a making charge to the gold or silver ornament, which is over and above the rate of the bullion.
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