Patna: Falling gold prices cheer customers

PATNA: Falling gold prices have brought some cheer for customers ahead of the wedding season, but city jewellers claim that the market is yet to reach the pre-pandemic levels despite a dramatic increase in sales.

The rate for 24-carat gold in Patna on Thursday was Rs 4,471 per gram, whereas 22-carat gold was Rs 4,371 per gram. The gold prices are at their lowest compared to February, but jewellers claimed that the sales are yet to peak due to the fluctuating prices and many customers waiting for the prices to fall further.

“The rates are gradually returning to what they were before the pandemic due to which the numbers of buyers have drastically increased, but a lot of customers are still hoping that the prices will fall more,” Vishal Gupta, owner of a jewellery store said.

Economist D M Diwakar said the recent fluctuations in gold prices are due to the ongoing pandemic and its subsequent economic imbalance. “It is a wise decision to invest in gold right now as we are heading towards the wedding season. Also, the rates may fluctuate in the coming days depending on the persistent economic pressure,” he added.

Neeraj Kumar Singh, the owner of a prominent gold shop at Jagdeo Path, said, “The price depreciation is good for the customers as they were waiting for the prices to fall. But for a businessman, it’s not that profitable.”

The price of gold has been declining since the beginning of this year. “When the rate of gold increases the market also rises, but a decline in the rates gives the customers hope that it will fall further, making them wait for more,” said Rajesh Kumar, a jewellery shop executive.

As opposed to the gold traders, the customers are elated with the decline in prices. Neelam Gupta, a frequent buyer, said, “It is a good time for investment in gold but we are still hoping the rates to fall further.”

Echoing similar views, Seema, a resident of Gola Road said, “The fall in the price of gold is highly beneficial for customers like me, as we all know women can never get enough of gold jewellery.”

“Gold is the sign of wealth and prosperity so, no matter what the price is we will buy it at any cost,” said Lalu Singh, a customer at a jewellery showroom.

Courtesy: TOI