More gold buyers in Hyderabad

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With footfalls increasing by up to 20 per cent, business is looking up for city jewellery shops for the coming marriage season.
Experts, meanwhile, say that gold prices may go up slightly and then correct once again by the end of the marriage and festival season that is beginning now. Gold prices however are expected to remain by and large stable over the next three months, up to the Diwali season.
“The sale of gold jewellery has picked up and we expect it to get stronger with the festival season approaching. Not much of a fluctuation in gold prices is expected. There may be a slight increase and correction to keep it around the current ` 27,000 per 10 gm,” said Mohanlal Gupta, advisor to Twin Cities Jeweller’s Associations.
However, the actual purchases at jewellery shops have gone up only by around 10 per cent as buyers are hoping for a further correction in the prices. But, since May, when the price dropped to ` 26,000 per 10 gm for 24 carat gold, it is slowly going up. Four months back, there was a huge rush to buy gold coins and biscuits as investment options as the price was ` 25,000 per 10 gm.
Bullion gold, meanwhile, has been restricted by the government and merchants have been getting limited amount of bullion from banks for three months now. Currently, the price of 24 carat gold is hovering around ` 27,000 for 10 gm.
“With bullion gold restricted and the ensuing marriage and festival season, people, who were buying bullion gold, will divert to buying jewellery now,” said Gupta.

Source: BullionBulletin

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