India

Pricey Gold Shines Dull For Jewellers & Buyers

Bullion dealers and jewellers in the country are reporting that sales have dropped to more than 50 per cent below normal in the past 10 days due to record jump in gold prices, according to a report by news agency Reuters.

Local gold prices hit a record Rs 35,960 per 10 grams on Tuesday, having jumped more than 10 per cent over the past month.

“Of late, customers are not used to such a jump in prices. They will not raise allocations to buy gold just because prices have risen. Volume-wise demand will drop 10% from last year,” Anantha Padmanabhan, chairman of the All India Gem and Jewellery Domestic Council (GJC), told Reuters.

Industry insiders revealed that the weak demand was forcing jewellers to offer huge discounts to lure customers back to the shops.

This has also cast a shadow on prospective sales during the festival season. Demand usually picks up in the second half of the year due to the wedding season and celebration of festivals such as Dussehra and Diwali, when buying gold is considered auspicious.

“Demand will fall during festivals if prices remain at the current level,” the report quoted Mukesh Kothari, director at dealer RiddiSiddhi Bullions in Mumbai, as saying.

On the other hand, the price rise has also prompted some consumers to sell their old jewellery, said B Govindan, president of All Kerala Gold and Silver Merchants Association. “Some people think this is best time to sell their ornaments,” he added.

OB Bureau

Recent Posts

3 People Including 2 Toddlers Killed After Truck Runs Over Labourers Sleeping On Pune Footpath

Pune: Three people, including two toddlers, died on Monday when a dumper truck run over…

1 minute ago

3 Khalistani Terrorists Involved In Attack On Punjab’s Police Station Killed In Encounter In Uttar Pradesh

Lucknow: Three terrorists accused of lobbing a grenade at a police post in Punjab’s Gurdaspur…

20 minutes ago

Odisha: Malkangiri-Visakhapatnam Air Connectivity May Become A Reality In 2025

Malkangiri: If things go as per plan, flight services between Odisha’s Malkangiri town and Visakhapatnam…

42 minutes ago

Miscreants Attack Man, Kidnap Female Friend In Odisha Capital

Bhubaneswar: Unidentified miscreants allegedly attacked a man and kidnapped his female friend in Maitri Vihar…

55 minutes ago

Youth Beaten To Death On Suspicion Of Theft At Shop In Odisha’s Balasore

Balasore: A young man was allegedly beaten to death on the suspicion of having committed…

2 hours ago

When A ‘Powerful Man’s Wife’ Broke Into Varun Dhawan’s House To Elope With Actor!

Mumbai: Bollywood celebrities have often had funny, at times bizarre experiences, mostly involving hero-worshipping, demanding fans.…

14 hours ago

This website uses cookies.