Local jewellers complain slump, low consumer demand
Srinagar, June 8: With gold prices continuing on upward run, jewellers here complain slump in sales while customers find the yellow metal going out of their reach.
Gold prices for the first time on Saturday crossed the psychological Rs 30,000 mark for 10 gram on the bullion market on account of rise in global prices of precious metal and weakening rupee.
Local jewellers said due to upsurge in gold prices, their business has dropped drastically.
“The tall gold prices are going beyond ordinary customers’ budget. Therefore they are postponing buying of the metal with a hope that the prices may come down,” Anil Verma, a Jeweller said.
He said: “We were expecting some good business round this time because of the marriage season, but increasing prices have played a spoilsport.”
Interestingly, the increase in the gold prices has left customers high and dry.
“I’m confused whether to buy gold, or wait for sometime till the prices may come down,” said Ali Muhammad, a customer.
However, some customers said that they cannot wait for the prices to come down. “I can’t wait. My daughter is going to be married next month. So despite high price, I have to buy the ornaments,” said a customer.
The jewellers said the fluctuating price of gold has brought about uncertainty in the market.
However, the jewellers said the steep gold prices have brought about boom in the scrap sales. “We get more customers who sell their old ornaments and jewellery,” said Ali Muhammad, a goldsmith.
Experts believe the prices have gone up because gold is being used as hedge by the investors against the risks in other market investments.
Lastupdate on : Fri, 8 Jun 2012 21:30:00 Makkah time
Lastupdate on : Fri, 8 Jun 2012 18:30:00 GMT
Lastupdate on : Sat, 9 Jun 2012 00:00:00 IST
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