Even as gold prices recorded the biggest single-day gain of Rs 840 in the year and regained the Rs 27,000 per tola (10 gram) levels for the first time in a month, the city’s jewellers say that this marriage season has not been as profitable for them as the past year, as prices have dipped Rs 5,000 (for the 22 carat variety) since then.
Last month, rates had dipped to all-time low of the year and the precious metal had been trading in a range of between Rs 25,000 and Rs 26,000, against last year’s price of Rs 30,000 and above.
Vinod Talwar, president, Chandigarh Jewellers’ Association, said, “The business has dipped and though it was expected that the trade will pick-up during the marriage season, the sentiment remains muted. This is the paradox and even though the prices have dipped, the sales have not picked up. The business is going through a bad phase and except hoping for better times there is nothing much we can do about it.”
Manjit Singh Bholla, owner of Bholla Jewellers in Sector 22, said, “This marriage season, the sales have not risen as we expected. Even though it should be a good time for customers, there are not many buyers.”
Even those customers wanting to sell gold and bring more metal into the market are tentative, as their selling price is higher than the market levels right now.
In 2013, gold prices in October and November, the festive and marriage season remained stable at about Rs 30,000 per 10 grams for 22-carat gold.
This year, gold rates in October and November, the festival and the marriage season remained between Rs 25,000 and Rs 26,000, per 10 grams the same variety. The rates fell to Rs 24,800 on November 5 this year.