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Price rise brings down festival gold rush

The increase in the price of gold has resulted in fewer customers joining the usual gold rush ahead of Akshaya Tritiya,an auspicious occasion as per the Hindu calendar.

Written by Ranjani Raghavan | Pune |
April 27, 2009 2:56:57 am

The increase in the price of gold has resulted in fewer customers joining the usual gold rush ahead of Akshaya Tritiya, an auspicious occasion as per the Hindu calendar.  

While many Puneites had made bookings to get gold delivered on Akshaya Tritiya on Monday,jewellers say fewer customers placed orders this year as compared to the last. They said the advance bookings this year is down by 50-60 per cent.

“One of the main reasons for few people buying gold is the price. At the moment,it is Rs 14,800 per gram. Last year,on Akshaya Tritiya,the price was Rs 11,050 per gram,” said Sanjay Maheshwari,store manager at Tanishq,Bund Garden.

The market conditions,the slowdown and job insecurity has also resulted in many shying away from buying gold. “Earlier we would have many young couples just walking in buying gold worth lakhs. Such couples are not there now,” he said.

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When the stockmarket was falling,many people bought gold as a safe investment causing prices of gold to increase over the last year.

“This is causing many to hesitate before buying gold. People are making purchases for Akshaya Tritiya,as it is an auspicious day,” said Milind Badgujar,of Maurya jewellers.  

Shridhar Chalka,an Akurdi resident,said his family had deferred all plans to purchase gold because of the rising price and the slowdown. “Last year,gold prices were around Rs 10,000. This year,we cannot even think of making a purchase,” said Chalka. “As I market automobile machine tools,the slowdown has hit us badly. Every year,we buy gold on Akshaya Tritiya,but this year my wife chose not to do so,” he said.

Jewellers expect a better Monday.  “We expect more walk-ins,” said Pushkar Ashtekar,Ashtekar Jewellers.

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