Gold rush in Bhopal! 25-30% increase in sales

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Traders of gold in Bhopal are an excited lot rolling in double bonanza. With a steep fall in gold prices over the last few days, and Pushya Nakshtra, an auspicious day for gold purchase, falling on Thursday, buyers of the yellow metal didn’t have to be wooed to flock at the jewellers. In fact, there has been an estimated increase of 25 to 30% in gold purchases ever since its prices went down.
With the marriage season around the corner, the sale is likely to go up further, gold traders believe. As recorded on April 18, the gold price was ` 2,640 per gram (24 carats) compared to ` 2,952 per gram (24 carats) a week ago.
Jaimohan Agrawal, president, Bhopal Sarrafa Association, said, “We are hoping the rates will come down further. It’s good for the consumers. With the beginning of marriage season next month, business will pick up and a further increase in sales is expected,” he said. “Of course, it all also depends on market fluctuations,” he added.
Narendra Singhal, owner of Alankar Jewellers in New Market said, “Our sales have doubled and we are hoping this will continue for some more time. With marriages and Akshaya Tritiya around the corner, gold sale is expected to be on the rise.”
Shobhit Agrawal, owner of Agrawal Jewellers in New Market said, “Within the last four days our sales have jumped up 3-4 times as compared to other days.”
However, people seem to be enjoying the gold shopping while the prices last. The rush of people buying gold coins and bars is higher than those buying jewellery. For Shefali Jain, a resident of Arera Colony, it was a perfect time for the prices to go down. “I want to purchase jewellery for daughter’s marriage as this is an all time low gold price,” she said while selecting glittering bangles from a jewellery shop.

Source: http://timesofindia.indiatimes.com/
Source: Bullion Bulletin

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