A leading Indian jeweller predicted a wave of new investment in gold in a flight to safety through the coronavirus crisis, including young customers buying bars or jewellery for the first time.
Saurabh Gadgil, chairman and managing director of PNG Jewellers, one of India’s top jewellery retailers, said he was confident customers would seek to raise gold holdings after seeing a slide in equities due to fears over the economic impact of coronavirus.
“Don’t speculate. Buy gold at regular intervals,” Saurabh said in a Jewellery Outlook webinar streamed to hundreds of trade professionals around the world.
“Buy gold with a long-term view,” he added.
Gold was up 1.5 percent to $1,640.40 per ounce on April 6 as investors turned to the safe haven precious metal due to fears over the damage that the coronavirus pandemic could inflict on economies around the world.
The recorded Jewellery Outlook webinar can be seen via this link:
Saurabh, speaking in conversation with respected consultant Anil Prabhakar, said he expected a new wave of customers to enter the gold market.
“You will see new buyers coming in – youngsters,” he said, referring to India’s fast-growing middle and upper-middle income segments.
Customers can buy bars or jewellery dependent on their preferences, Saurabh said.
“The option is in your hands. Investing in jewellery is a good option because jewellery can be worn. Investment in gold bars is also a great investment opportunity.”
Saurabh warned gold buyers to beware of false promises and unreputable dealers, and urged them to have dealings only with trusted counterparties.