JOIN USThe beginning of Shravana month, fifth month in the Hindu calendar, after a gap of two months of Aashadha (Adhika and Nija), has brought back festive atmosphere to the city.
People consider buying gold during Shravana, after ‘Naagara Panchami’, will usher in prosperity. There is usually huge business in jewellery shops during this period.
But this year, with the gold price hovering around Rs 2,300 per gram and with rumours that the prices will crash by the end of the year and may even sell at Rs 2,000 per gram, consumers have put a hold to their purchases, much to the disappointment of jewellers.
With the television channels holding debates and discussions with experts on gold prices crumbling in the international market and also predicting a further slump, the consumers chose to adopt a wait and watch policy before buying the yellow metal.
Festive shoppers – with Varamahalakshmi festival round the corner (August 28) – have settled for silver articles and silk sarees to appease the goddess of wealth. But much to their surprise, gold prices started moving upwards and stood at Rs 2,590 per gram on Tuesday, indicating further increase.
With all their calculations going amiss and confusion over the declining value of rupee, finally the consumers have started last-minute shopping, bringing back smiles on the faces of jewellery mart owners.
Speaking to Deccan Herald, C S Amarnath of Lalitha Jewellery Mart said the buyers have finally started purchasing gold and the business is picking up since a few days.
With rumours doing the rounds that gold may cross Rs 3,000 per gram, consumers have decided to save a few thousands by purchasing the jewellery of their choice and also have an opportunity to flaunt it during the Varamahalakshmi festival.
With the sensex plunging, fluctuation in the price of gold is expected, but the current prices may remain till the end of the month. It is not possible to predict the rate of gold as it is decided in the international market, Amarnath added.