Gold Price down by Rs. 1650/- in a single month!! Details?
Posted on: 17/Oct/2022 1:06:21 PM
The price of the jewellery gold per sovereign has come down by as much as Rs. 1650/- in a single month.
As such, the jewel manufacturers inform that the sales of gold jewellery will shoot up on this festive occasion of Deepavali!
The price of gold rose steadily a few months earlier but over the last few months, the price of gold per sovereign (approximately 8 grams) has been around Rs. 39000/-.
On 10th September, gold was sold at Rs. 39050/- per sovereign whereas over the last 2 days, it is being sold at Rs. 37400/- per sovereign!
As such, the price of gold has come down by Rs. 1656/- over the last 1 month!
In this situation, with the approaching the important festival of Deepavali, the jewel manufacturers have indicated that the public has shown more interest in buying gold jewellery.
In this regard, the President of the Coimbatore Jewellery Manufacturers` Association, Muthu Venkatram shared:
"While it was expected that the price of gold will shoot up during the Deepavali festival the price of gold has come down! Due to the ongoing war between Russia and Ukraine, there has been a ban imposed on buying Russian Currency!
As such, the Russian Government has proceeded to sell its stock of gold to overcome the economic needs. This is the main reason for the gold price coming down! However, the extent of the reduction of gold price in India has been relatively minimal! The reason for this status is the depreciation of the Indian Rupee in the international market. Otherwise, the cost of gold per sovereign MUST COME DOWN BY AS MUCH AS Rs. 4000/-!
Usually, the sales of gold jewellery pick up during the previous 3 days before Deepavali! In Coimbatore, 200 kg of gold is sold daily!
Over the last 2 years, only 70%-80% of the actual sales as compared with expected sales.
This year, we expect sales of 210 g of gold every day for 3 days before the special festive occasion of Deepavali!"
