Hyderabad: Though gold prices are leading to an increase in the price of the laddu which was made of 123 grams of Gold, the value of the auction price went down. Last year the gold laddu which was made of 120 grams went for Rs 8.1 lakhs but in contrast, this year although the laddu had 123 grams of gold, the auction price was Rs 7.5 lakhs.
Musheerabad MLA, Muta Gopal, had participated in the auction.
For a year now, the gold laddu has been auctioned by the Siddhi Vinayaka Bhagat Singh Association under which a Ganesh Idol was installed in Bholakpur division. Speaking about the reasons for the decrease in the value of gold laddu, G. Anil Kumar from the Siddhi Vinayaka Bhagath Singh association said, “There is no liquid cash with the people, the business has slowed down and the hike in the gold price are few of the reasons for the decrease in the auction.”
Meanwhile a laddu which was placed at the Ganesh idol in Ameenpet went for a record auction of Rs 5.4 lakhs apart from the five laddu silver coins which was placed for auction went and for a record price of Rs 5.5 lakhs which were bought by five different people. Another laddu in Dugal went for Rs 7 lakhs.