The yellow metal on Tuesday broke all previous records to reach an all-time high price of Rs 31,850 per 10 grams. In an upward swing for the last two weeks, the price of the metal shot up by Rs 240 all over India, surpassing the previous record of Rs 31,725, recorded as on September 1, this year.
Gold Merchants and jewellery store owners in the city are evidently not happy with this amount of price rise.
“It is almost 32,000/ten grams. And the price is expected to shoot up to Rs 32,500 in the next 15 days. But after that we are hoping that it would fall drastically, at least to somewhere less than 30,000,” says Vikas Jain, owner of Shrishrimal Jewellers and Vikas Jewellery, two stores in the city.
But, however they are still advising customers not to invest in gold at the moment. Like G Sampath Reddy, manager, JC Brothers Gold Jewellery Store, who explains, “Investing in gold at this price is a waste. People can take a chance sometime at the end of this month. With this amount of fluctuations, the percentage increase or decrease cannot be analysed. As per the last analysis the prices are expected to increase.”
He also informed that the sale of the jewellery, both in investment and ornamental form has reduced by about 50 per cent.
“Who would pay Rs 33,000 to buy just ten grams of gold? One hardly gets anything and even after they buy, there is zero satisfaction,” points out Sampath Reddy. He also mentions that this price increase of the yellow metal has led to people opting for imitation jewellery. “First of all, no one will know if it is not gold and the finishing is so nice that people do not mind spending a few thousands on it. And when it comes to gold, people will only buy what is necessary,” Sampath explains.
Agreeing with him was Shivani Reddy, an IT professional. “All my sarees have an imitation set. They match well, it looks good and I am happy. I cannot invest too much on gold and still not get what I want.” Another house-wife Ambuja Kulkarni adds, “I would rather spend on the imitation jewelley instead of gold. They are convenient and affordable.” So, better late than be sorry.
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