Jewellers restocking gold

KOLKATA: After a month’s gap, jewellers have slowly started restocking gold as prices remain attractive for them. Gold is available at a discount of $ 3 per ounce to those jewellers who are buying the yellow metal through formal channels by paying through cheque.

In the cash market, gold is available at $ 10 per ounce. Bullion dealers said that there’s a cash crunch in the market which has brought the discount down on gold in cash market even further.

Talking to ET, Mukesh Kothari, director, RiddiSiddhi Bullions, said, “Jewellers are slowly buying gold as they are getting ready for India International Jewellery Show in August.

It is a B2B show which will set the tone for gold demand. Imports may be higher by 10 per cent in June than May, or may even remain flat.”