Kolkata-based Anjana Mitra has her daughter’s wedding in November. With skyrocketing gold prices, she has now decided to remake and polish some of her existing jewellery, instead of buying everything for her daughter’s wedding.
In the last four months, gold has been very volatile, up by 8-10 per cent, which conveys instability and uncertainty among consumers who otherwise regularly invest in the yellow metal. People are shying away from buying fine gold at ₹57,000 per 10 grams.
“For the sake of jewellery the demand is almost negligible, but there is a demand for bullion alike,” says Neeraj Khanna, director, Niraj Krishna and Sons Jewellers.
When consumers see a steep rise in price they hesitate to buy gold. “Customers usually wait for the prices to stabilise at a range value of 1-2 per cent of the volatility. Only then markets are able to regain trust in the purchase gold,” explains Abhishek Raniwala, Co-founder, Raniwala, a jeweller that has existed since 1881. Delhi-based Aakansha Singh too is putting away her gold purchase for similar reasons. She feels the price is too high for her comfort.
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