Gold Loses Sheen, Buyers Happy

April 15, 2013 at 10:10

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The crash in prices of gold brought smiles on the faces of buyers. With the precious metal hitting a 10-month low, the deserted ‘Gold Street’ between Nayaganj and Birhana Road camealive on Sunday as scores of buyers flocked the shops dotting this lane to cash in on the sharp drop in prices.

After maintaining a price of in the domain of Rs 30,000 per 10 gram for more than ten months, it witnessed a steep decline in past two days. This gave gala time to those who were waiting for this drop.

The price of gold reduced to Rs 28,150 per 10 gram (24 karat) against Rs 31,746 per 10 gram in the past week. The rates of 22 karat gold was Rs 26,320 per 10 grams which against Rs 30,950 per 10 gram earlier in the week. Market analysts said the precious metal was likely to lose more ground in the coming days.

A gold seller said that he had attended 60 customers on Saturday who made a grand purchase while the number of customers on Sunday was more than 100. They were aware about the gold rates.

Another seller, who was not so happy with the decline in prices, said that people made purchases of lakhs on the weekend while the market was almost dry on Wednesday and Thursday.

Many of those making a dash for the nearest gold store were also sellers as they thought it to be a good time to encash their stocks.

A gold seller in Nayaganj Market said that he did good business on weekend as majority of customers at his shops came for re-cycling of gold. This is what made him get gold at lower prices which after recycle will be sold at higher rates.

Nistha, who was there in a gold shop to buy rings for her wedding along with her parents said that she has cancelled her parlour appointment when her father asked her to rush to the jewellery shop. Her wedding is scheduled to be held on April 25.

An old couple had cancelled an important assignment to buy gold for their daughter-in-law.

“I was waiting for this day. I have made a purchase of more than Rs 1.9 lakh and benefited nearly Rs 20,000 rupees,” a buyer said.