May 4, 2008
By K Srinivasa Rao
Hyderabad, May 3: Falling gold prices have brought cheers to people on the eve of Akshaya Tritiya, which falls on May 8 this year.
Prices of the yellow metal have dropped from Rs 11,850 per 10 gram to Rs 10,650 per 10 gram of 22 carats in the last one month due to global economic factors. Internationally, prices of gold climbed down around 10 per cent, resulting a dip in prices in he Indian bullion market.
Strengthening of dollar is said to be the main reason for the dip in gold prices all over the world. Consumers, who have been eagerly waiting to purchase ornaments, feel it is the right time to buy gold since the price is very attractive. "I am planning to buy gold on Akshaya Tritiya since there is a little chance for further dip in the prices," J Subhadra, a lecturer in a private college.
"We thought of buying gold two months ago. However, we postponed the plan since the gold commanded Rs 13,000 per 10 grams. Now we decided to buy ornaments on Akshaya Tritiya, the most auspicious occasion for buying gold," Y Madhavi, a housewife.
Jewellers of Hyderabad reported increase in sales around 30 per cent in the last few days following fall in prices around Rs 1,000 per 10 grams of ornament gold. They expect demand for gold will increase further as most of the consumers would prefer to purchase ornaments on Akshaya Tritiya.
"Hyderabadis are known for their heavy purchases on Akshaya Tritiya. What I can say is both consumers and traders are lucky this time. People can purchase yellow metal at a reasonable price and we stand to benefit from high sales," said Mohanlal Gupta, vice-president of Twin Cities Jewellers' Association. "The price is likely to stabilise at current levels. It is the right time for investment too," he added.
Prices of the yellow metal have dropped from Rs 11,850 per 10 gram to Rs 10,650 per 10 gram of 22 carats in the last one month due to global economic factors. Internationally, prices of gold climbed down around 10 per cent, resulting a dip in prices in he Indian bullion market.
Strengthening of dollar is said to be the main reason for the dip in gold prices all over the world. Consumers, who have been eagerly waiting to purchase ornaments, feel it is the right time to buy gold since the price is very attractive. "I am planning to buy gold on Akshaya Tritiya since there is a little chance for further dip in the prices," J Subhadra, a lecturer in a private college.
"We thought of buying gold two months ago. However, we postponed the plan since the gold commanded Rs 13,000 per 10 grams. Now we decided to buy ornaments on Akshaya Tritiya, the most auspicious occasion for buying gold," Y Madhavi, a housewife.
Jewellers of Hyderabad reported increase in sales around 30 per cent in the last few days following fall in prices around Rs 1,000 per 10 grams of ornament gold. They expect demand for gold will increase further as most of the consumers would prefer to purchase ornaments on Akshaya Tritiya.
"Hyderabadis are known for their heavy purchases on Akshaya Tritiya. What I can say is both consumers and traders are lucky this time. People can purchase yellow metal at a reasonable price and we stand to benefit from high sales," said Mohanlal Gupta, vice-president of Twin Cities Jewellers' Association. "The price is likely to stabilise at current levels. It is the right time for investment too," he added.
