‘Expensive’ gold loses its sheen on Pushya Nakshatra

Going by the soaring rates,jewellers are expecting the prices to reach around Rs 35,000 per 10 grams by Diwali.

Shanti Jain,who owns Swastik Jewellers in the city,said,“We received almost 35 per cent less customers this year due to high prices. The demand of gold jewellery has been dipping in the past 10 days. Earlier,the festive season would see robust sales starting from Pushya Nakshatra. We are hopeful that the prices will stabilise in the months to come as they have already reached the all-time high.”

Traditionally,around Pushya Nakshatra,jewellers see their sales double as its an auspicious time to buy gold,silver and diamonds. But customers seem to be postponing their plans due to the volatile gold prices.

In the absence of any discount or schemes,there seem to be fewer takers for the metal. “Last year saw gold rate touching Rs 27,700 per 10 grams while this year,it is hovering at Rs 32,500. I usually buy some jewellery for my daughter but the prices are too high right now. I will wait till the prices come down,” said Hansa Bhachech,a homemaker from Ambawadi.