It is that time of the year when sentiment, optimism and the desperate desire to shake off the blues take over — and encourage one to indulge in some retail therapy.
With the festival and bonus season offering the perfect foil to splurge, the yellow metal continues to be a top choice among customers in Hyderabad, despite its soaring price.
“It is one purchase that produces absolutely no guilt pangs later because of its ever-appreciating value,” says Bindu, employed in a software firm.
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It explains why the allure of gold is high, although the Twin Cities Jewellers’ Association reports a 25 to 30 per cent decline in gold/jewellery sales this season compared to last year.
With the 22-carat gold price rising to Rs. 2,912 per gram, volumes are not picking up and customers opt for lightweight ornaments.
Runaway inflation, rising prices, declining industrial production have certainly dampened the sentiment in the market for the salaried class. “But we certainly hope to see improved sales in the coming days as gold is a proven safe investment option, with ready liquidity,” says Mr. Kailash Charan, Association president.
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Be it swank corporate showrooms or old, traditional jewellery shops, there is no undue worry.
“It is only a phase. The sales are bound to pick up as people can’t postpone gold purchases. This also happens to be marriage season,” says Mr. Ashok Gupta of Totaram Jewellers.