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March 25, 2025Gold jewellery owners race to cash in their old jewellery and coins in India
As gold prices jump to successive highs customers race to cash in their old jewellery and coins, while jewellers are grappling with displays losing their sparkle. Market experts say that if the rush to sell continues, it could lead to lower imports into major markets, potentially tempering gold’s rally, retailers and industry experts. Jewellers across Asia and the Middle East are reportedly facing a similar situation, as sales have been reduced considerably.
Spot gold topped US$3,000 an ounce for the first time on March 14, and continued climbing last week to bring year-to-date gains to more than 15 per cent, driven by a powerful combination of political and financial uncertainty.
The stunning run higher follows an almost 30 per cent rise in 2024, and has driven increased business for often-overlooked scrap gold buyers in Zaveri Bazaar, India’s largest bullion market.
