Gold prices touch record high of Rs 80,800 per 10 gm

The price of the yellow metal touched an all-time high of Rs 80,800 per 10 gm of 24 carats today. There has been a mixed response to the sale of gold in the city. Some of the jewellers say there are no buyers and people are waiting for prices to come down after the festival season and there are other jewellery shops where there is a huge rush of customers, purchasing ornaments for the wedding season.

The president of Jewellers’ Association here, Anand Sekri, said the rate of gold was at a record high, touching Rs 81,000 per 10 gm. He said buyers were waiting for the prices to come down which was doubtful because of the global scenario (wars ,etc). There are few takers for gold as investment these days, said Sekri.

Manik Jain of Nikkamal Jewellery House, however, said customers were coming as the yellow metal remains a favourite for Indian weddings but the trend had changed towards lighter weight. “Everyone has to watch his pocket and budget. Customers do come to buy gold but then they go for lighter weight products. Gold remains a hot favourite for sale during the festival and wedding season,” said Jain.

The rise in gold prices is also driving consumers to exchange old gold jewellery for new ornaments. Ruby Sharma (name changed), a homemaker, said her daughter was getting married but it was not possible to provide her with 50 tolas of gold as was given to her sister a few years ago. “I have got two old sets, which I am exchanging for new ones. We will get solid gold by melting these sets and then she can buy jewellery of her own choice. It is difficult to purchase gold at this rate,” said the worried mother.

The prices will depend on the outcome of the US elections early next month. There is also a fear of Israel-Iran war. Much depends on these factors as to whether gold prices will further jump or dip in the days ahead.