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| Gold too hot for buyers this summer | | Soaring prices may take shine out of Akshaya | |
Arteev Sharma
Early Times Report
Jammu, May 15: With wedding season and the festival of Akshaya Tritiya round the corner, the fluctuating gold prices has led to inauspicious time for city's jewellers and gold retailers as its rates crept to an all-time high of Rs 18, 600 per 10 grams.
The city jewellers said that the yellow metal has registered a rise of above Rs 1500 per 10 grams in the past two weeks. The unprecedented rise in prices has affected the business of gold retailers.
As many consider Akshaya Tritiya festival to be most auspicious time to buy gold, the retailers were hopeful of improvement in their sales which has virtually gone down more than halved due to sky rocketing gold prices.
"No doubt sales are low, but retailers hope the approaching wedding season and the festival of Akshaya Tritiya this week would improve sales," Shalinder Anand, a gold retailer at Lakhdatta Bazaar said.
"Since the past two years, gold prices never really went down. They fluctuated a little and then continued to rise. The prices, even if they decrease a little, are bound to rise again. And thus, gold, as a commodity will remain a good investment," Shalinder said, adding that prices of the gold were around Rs 16000 per 10 grams (24 carats) just two weeks back.
"After Akshay Tritiya, demand may spurt only for the festivals of Ganesh Chaturthi in September, Dhanteras in November. We expect the rates would cross the staggering mark of Rs 20000 per 10 grams till Diwali festival this year," the gold retailers told.
Talking to the Early Times, Krishan Lal Abrol, president Swarankar Sangh Association said, "The rates have witnessed unprecedented rise in past two weeks and it crept to all time high of Rs 18,600 per 10 grams (24 carats) today while the rate of 22 carats was Rs 17,900 per 10 grams."
"The sky-rocketing prices of gold have caused fears among the jewellers and gold retailers as our business have gone down to 20 per cent. We are hopeful that the market would improve in coming days," the president said.
He predicted that gold prices may rise up to Rs 20,000 per 10 grams in the next month. "The prices and demand both rise simultaneously. We predict a rise in demand in the coming days which would simultaneously increase the prices," he maintained.
A bank manager who wished not to be named said, "Those who believe that gold has lost its ornamental value still consider it to be a sound investment. Instead of investing the money in banks and waiting for years for meagre returns, consumers today have the option of buying gold bars. If you were to buy a 10gm gold bar and were to sell it within a month, you'll make a healthy profit of over 10 per cent."
Samriti Sharma, a housewife said, "Gold is expensive and now, prices are sky high. I prefer imitation jewels because they are cheaper and just as good. The necklace that would cost me at least a couple of lakhs, I get in imitation for Rs 3,000. Imitation jewels give me way more options as I can buy more of them and I don't really have to bother with banks and safes."
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