As bullion prices lose glitter, city residents add shine with gold buys - Express India

As bullion prices lose glitter, city residents add shine with gold buys - Express India


Ritika JhaPosted: Oct 03, 2011 at 0141 hrs IST

Chandigarh A small dip in the rates of yellow metal with hints of a further rise as stocks tumble worldwide, saw Chandigarh’s residents trying to cash in during this festive season.

As gold prices for 22-carat fell to Rs 26,600 per 10 grams from Rs 28,200, people have been investing in the safe haven asset despite a rise of Rs 7,000 from the previous year during the same period, on fears that it may rise further.

So much so, that people did not hesitate to make purchases even during the Shradh period.

“While the perception still prevails that making purchases during Shradh is a bad omen, a number of people turned up to select their jewellery designs and make advance bookings during the last day of Shradh, as the prices came down on Monday. The sudden fall in price of gold has added to the festive spirit among people, who are also preparing for the upcomingwedding season,” said owner of K Jaipur Diamonds Jewellery House at Sector 35.

With global markets roiled by economic crisis, analysts have been predicting a rise in the cost of bullion in coming days.

“The price of the yellow metal is purely driven by demand and supply on global scale. India is certainly the largest consumer of gold but there are many other consumers in the world. With the global market scenario being gloomy, at present, people are gearing up to invest in gold—considering it as the safest haven. As all the end consumers are creating improved demands for gold, the prices are much likely to move up in upcoming weeks,” said Iqbal Singh, Managing Director of Innovation Financials. ........

http://www.expressindia.com/latest-news/as-bullion-prices-lose-glitter-city-residents-add-shine-with-gold-buys/854827/


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