The jeweler show rooms across the nation experienced the lowest foot fall with the gold prices soaring at 50,919 rupees per ten gram in Mumbai and 51,946 rupees per ten gram at New Delhi.Trade experts credit the high prices to the fall of Indian rupee in International market.The jewelry industry is experiencing the the deepest slumber in ages after the steep hike in gold prices in India.
“The demand is already very sluggish at the moment with only 20-25 per cent business taking place following the economic slowdown, insecurity over jobs, social distancing and lockdowns due to COVID-19. The high price of gold will add on to the already sluggish consumer demand,” All India Gem and Jewelry Domestic Council Chairman Anantha Padmanabhan told PTI.
The gold will show bullish trend continuing to rise with slight fluctuations till November according to Padmanabhan. The economic uncertainty had pushed investors to buy gold as the safest buffer amidst Covid-19 pandemic
The global benchmark spot gold prices held near a nine-year peak of USD 1,900 an ounce. “People are not buying marriage related jewellery as not many weddings are taking place and if at all they are then people are keeping it low key,” Padmanabhan stated.
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