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Buyers’ faces all aglow as gold loses sheen

Special Correspondent
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ALL THAT GLITTER:Heavy rush at a jewellery outlet in Kochi.— Photo: H. Vibhu
ALL THAT GLITTER:Heavy rush at a jewellery outlet in Kochi.— Photo: H. Vibhu

Gold continued its slide on Thursday, with customers thronging jewellery shops in the city. The price of 22 carat gold was Rs. 2,465 per gm, Rs. 10 less than the previous day’s rate. One sovereign (8 gm) was priced at Rs. 19,720, Rs. 80 less compared to the rates quoted a day earlier.

The prices had fallen steeply by Rs.125 a gm two days ago, reaching Rs. 2475. A sovereign was quoted at Rs.19,800 then.

The rates had been fluctuating during the past fortnight. A gram of 22 carat gold was priced at Rs. 2,780 on April 1.

High demand

The jewellers had been doing good business even when the prices were high with gold turning into an unavoidable commodity for families, especially during weddings. Higher prices resulted in lower volume of sale. Now, the trend is being reversed. The ongoing wedding season has added impetus to the sale.

The market is agog with speculation as to whether the prices will slip further though experts rule out a steep fall. Gold prices had always corrected in the long run, according to them. Nevertheless, none could predict whether the prices would remain stable in the coming days. Ups and downs as had been witnessed in the past could return before getting stabilised, market watchers said.

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