Silver prices also fall by 2.3 per cent
Hyderabad: Gold price continues its downward spiral and gold jewellery showrooms witness a 10 per cent surge in footfalls. Since the third day of fall in prices, many people are hoping for a further decline.
Rate for 10 grams of 24 carat gold was Rs 25,900 while that of 22 carat was Rs 24,200 on Friday, a fall of Rs 2,000 over the last three days, in a trigger reaction to the global markets.
Silver meanwhile is at Rs 34,900 per kg, which has dropped by 2.3 per cent since February. Experts hint at a further slump.
“Since the beginning of the festive season, we are having 30 to 40 footfalls daily although actual purchases may be 10 to 15 only.
On Thursday many people came to make smaller purchases seeing a second day dip but on Friday the footfalls increased although maximum people did not make purchases hoping for a further fall. The sale of silver meanwhile has picked up,” said manager of a prominent showroom in Punjagutta.
Gold prices in the city have dropped by Rs 2,100 per 10 grams since Diwali this year and this is the biggest drop in a span of days in years. Meanwhile going by international trends and hope for a third drop, many buyers are not keen on purchases especially big ones, although some are making small purchases.
“I have been suggested by our investment advisor to wait for two more days, as there is likely to be a further correction. I am zeroing down on purchase items to buy during a further dip,” said a customer Shanu Sheikh.
“The expectation is that prices are going to drop further but we cannot be certain. The trend is there but the price may not drop suddenly. However, there is no spurt in purchase of gold or silver,” said advisor to Twin Cities Gold Merchants Association, Mohanlal Gupta.
( Source : dc correspondent )
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