Women made a beeline for jewellery showrooms on Thursday on the eve of ‘Varalakshmi Vratham’.
Showrooms on the busy Gandhi Road at Ongole put up impressive banners to attract customers. Even those who could not afford costly ornaments purchased gold coins for the occasion.
“It is the right time to buy gold, as prices of the yellow metal are expected go north,” said Andhra Pradesh Gold and Silver Merchants Association convenor Tata Prasad. Thanks to the Monday mayhem in the stock market, the price of 100 gm gold biscuit had touched Rs. 2.77 lakh early this week before coming down to Rs. 2.70 lakh. The price is likely to touch Rs. 2.80 lakh, with the marriage season round the corner, he added.
Meanwhile, Boyapati Naveen Chowdhary of Tata Goldplus said those waiting for the price to remain at Rs. 2,000 per gram would be disappointed. “The price of 22 carat gold, which is around Rs. 2,500 per gram, may go up to Rs. 2,800 in a couple of months,” he added.
Mr. Chowdhary said Tata jewellery showrooms offered 20 per cent discount on diamond and diamantine jewels and 50 per cent on semi-precious stones. The offer will be valid from August 28 to September 14, he said, adding that those purchasing gold on Varalakshmi Vratham day would get a discount of Rs. 50 per gram.
The price of 22 carat gold, which is around Rs. 2,500 per gram, may go up to Rs. 2,800 in a couple of months. Boyapati Naveen Chowdhary, Tata Goldplus