Hyderabad: Rush hour at gold stores as prices fall

Hyderabad: The decline in prices of gold has led to citizens thronging to the jewellery shops in the city to buy the yellow metal even during the inauspicious days of Pitru Paksha.

The prices of gold have been on a down trend for the last few days and this is causing the citizens to rush to the gold shops at different places in the city. The price which was sailing at around Rs 63,000 per 10 grams (24 carat) during the last week of May had gone down to Rs 60,700 per ten grams (24 carat) during June this year. Giving respite to the people interested in buying the yellow metal the prices had touched Rs 58,000 per ten grams for a couple of days during the previous week, which made the people throng to the gold shops. The price at 3 pm on Saturday was Rs 59,500 per ten grams.

Meanwhile, the gold traders are happy that there is demand these days. Generally during the Pitru Paksha, people do not buy gold. However, the decreasing prices have made them come to the shops and stand in long queues. An elderly woman, Vijaya Lakshmi standing in a queue at a jewellery shop at Siddiamber Bazar said that they had to shop because marriages were coming up. Similarly, the festive season like Dussehra, Dhanteras, Diwali will also make the prices go up. This is the reason many are coming to buy gold. The shop personnel said that they have been witnessing the queues outside the shop for the past one week from 10 am. The queues are sometimes till 8 pm and it was difficult to keep the required stock ready. G Dharam Raj, a jeweller from Secunderabad said that since people are coming with demands of 10 gm, 20 gm, 30 gm, it was difficult for them to maintain such stock and they were asking the customers to visit again. Generally, the jewellers have basic stocks of 10 and 20 gm and also

of 100 gm.

Some buy 15 gm or 30 gm which are lesser in numbers, the jeweller added. The experts said that the prices are on a downtrend but they may increase at some point especially during festival and marriage season.