Prices drag as Zaveri Bazar ushers new Samvat, but sellers are optimistic

Many sellers hold on to their stocks despite strong demand, as the price isn't right; IBJA launches new missed call-based price dissemination service

While Samvat 2075 began on a dull note on the price front, sellers in Mumbai's Zaveri Bazar were nevertheless optimistic that demand would improve, going forward, and would push prices upwards. While traders in the physical market were willing to buy large quantities at lower prices, importers were not ready to sell. Physical gold changed hands during muhurat trading in Mumbai’s Zaveri Bazar on Thursday, in a large hall owned by the Indian Bullion Jewellers Association (IBJA). In trading circles, this known is knwn as the ‘ring’, and is akin to the stock market ring of days gone by. 

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