Ahmedabad gold rush is buyers' delight

Ahmedabad gold rush is buyers' delight

In Ahmedabad alone 1,000 kilograms of gold is reported to have been sold in a single day.
Like hundreds of buyers, Penal Shah went to a jewellery shop to buy some ornaments days before her marriage. “In recent months the prices have been going up. It worried my family since my marriage is on the cards. A sharp drop today meant we could cash in on this,’’ Penal said. Gold prices went down by Rs 500 per 10 grams. Across the state,  Akshaya Tritiya is one of the heaviest jewellery buying days, especially among women.

Leading up to this day, gold and silver prices typically peak. However, on Friday the prices of these two precious metals dipped in response to the global market.

“Silver prices went down by Rs 6,000 per kg and if we consider a period of, say, around a week then the drop is indeed very sharp. The price has come down from Rs 75,000 to Rs 54,000 per kg,’’ said Manoj Soni of A B Jewellers.

Though some jewellers across Ahmedabad indicated that this was the right time to invest, some were cautious. “Even if they buy, purchases should be done in small amounts and not as an investment,’’ said an analyst.

However, buyers continued to flock stores throughout the day. One industry estimate suggested that 1,000 kg of gold was sold.  “The figure could go up three to four times if you take into account the whole state,’’ another jeweller said.