With gold prices dripping, dna finds out how buyers are making most of it.
Plummeting gold prices over the last couple of days have sent Puneites into a frantic gold-buying frenzy. Stores like PN Gadgil saw long queues, with people waiting patiently under the hot sun to make the most of the occasion, and buy gold at a price they never thought possible in the recent past.
Monday morning, the price of 24-carat gold was around Rs26,000 per tola (every 10 gm) and it touched Rs26,200 by afternoon. Yet the price is notably down compared to the rate of 24k gold on Gudi Padwa, which was Rs29,700 for 10 gm.
Homemaker Neha Pardeshi was at PN Gadgil with her mother-in-law to buy a mangalsutra, and she admitted to making an indulgent buy by purchasing a heavier one, since the low rates allowed her to do so. “I also intend to purchase pure gold for investment within a day or two,” she said.
Contractor MK Kadhav and his wife were at the store to buy jewellery to gift to their daughter on her birthday. “We got to know about the fall in gold prices through television.
We’ve bought gold bangles for our daughter,” Kadhav said. Meanwhile, Tehmi Irani was visiting jewellery stores on Laxmi Road with her daughter, looking for necklace-and-earring sets. “I’ve come here from Gold Mart in Sadhu Vasvani Chowk, where I already finalised some designs. But what’s the harm in checking stuff out? However, I intend to make my purchase today itself,” said Tehmi.
A few customers, like tuition teacher Pratibha Jayade, who had come to purchase gold for investment, found the crowds at stores on Laxmi Road intimidating and left without making a purchase. “I will go to PNG’s outlet on Satara Road instead to buy 10 gm of gold today,” said Jayade. Ranka Jewellers’ outlet on Karve Road was immensely crowded as well with director Vastupal Ranka describing the rush as ‘no less than that on Gudi Padwa’.
“The demand is 60% for pure gold and 40% for jewellery. The prices of gold that are currently trending were last seen three years ago, so it is a great time to buy the yellow metal now,” says Vastupal Ranka, director of Ranka Jewellers, Karve Road, adding that he expects the rush to continue as long as gold prices remain low.
@VespertineVine
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