E-Paper
7/11: Cloth, bullion markets go south
THE cloth and the bullion markets of the city are showing downward trends. While the cloth market was affected by the bomb blast in Mumbai, the bullion market fell victim to the International developments in its trading.
THE cloth and the bullion markets of the city are showing downward trends. While the cloth market was affected by the bomb blast in Mumbai, the bullion market fell victim to the International developments in its trading.
As Mumbai is facing terrorism-related problem, the wholesale dealers of the city’s ready-made garments have decided to find out a potential market in other states like Gujarat.
General secretary of Kapra Committee Parmesh Kumar Misra said that after the bomb blast incidents in Mumbai, a large number of city traders could not muster enough courage to go there seeking business transactions. Many traders even lost the advance amount they paid to the dealers in Mumbai.
The ready-made garment dealers are now looking up to Kolkata and Gujarat market for business.
On the other hand, the bullion traders are also facing losses due to uncertain market condition. A prominent dealer in jewellery market said that unstable gold prices had disturbed the business, and it had become difficult to convince the customers about the prices of gold articles. Frequent fluctuations in the bullion market awfully affected the trading at the international level.
He blamed the government for allowing future trading in precious metals through commodity exchanges. The big traders in the commodity market take more interest in future trading of precious metals rather than stabilising the prices of these metals.
He said that due to unprecedented fluctuations in metal prices, the sale of gold articles had gone considerably low during the past six months. Even during the marriage season this year, the sale of these articles did not go up. He said, “We do not hope to have brisk business during the forthcoming festivals, especially Diwali if the prices of gold were not stabilised at the International level and future trading was discouraged in our own country.”
