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Pushya Nakshatra: Gold 'sheenless'

Sep 13 2012, 11:13 IST
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Going by the soaring rates, jewellers are expecting the prices to reach around Rs 35,000per10gramsbyDiwali.   (Reuters) Going by the soaring rates, jewellers are expecting the prices to reach around Rs 35,000per10gramsbyDiwali. (Reuters)
SummaryHIGH prices played a spoilsport on the occasion of Pushya Nakshatra on Wednesday.

HIGH prices played a spoilsport on the occasion of Pushya Nakshatra on Wednesday, as global cues kept the gold prices soaring while sales dipped.Gold price rose by Rs 30 to Rs 32,480per 10 grams in the bullion market while silver held steady at Rs 61,500per kg.

”The high prices affected at least50per cent of our business. But we expect to recover the shortfall by Diwali as the wedding season will start thereafter. As the metal has seen good appreciation, we have not kept any special schemes or discounts,” said Darshan Zaveri, owner of Manubhai Zaveri, a leading jewellery brand of Ahmedabad.

Going by the soaring rates, jewellers are expecting the prices to reach around Rs 35,000per10gramsbyDiwali.

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 themonths to come as they have already reached the all-time high.”

Traditionally, around Pushya Nakshatra, jewellers see their salesdouble 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 discountor 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.

Inputs by PTI

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