Rising gold price in wedding season leaves families in a quandary
The Hindu
The rise in gold prices in recent months has severely hit the families who have marriages scheduled in the next few days in Tiruchi
The recent rise in gold prices has severely hit families who have marriages scheduled in the next few days in Tiruchi.
The gold prices have been going up exponentially since July 2024. One gram of gold (22 carat) was being sold at ₹8045 on Sunday. It was ₹64,360 for eight gram of gold. The price for 24 carat gold was ₹8,447 for one gram.
The price was ₹7,300 for one gram of ornament gold (22 carat) and ₹8,000 for 24 carat gold in July 2024. The rate of one gram of gold went up by around ₹750 within eight months. The rate went up by ₹125 for one gram of gold within a week. The rate was ₹7,920 per gram of gold on February 17. It breached the ₹8,000-mark the last week.
If a buyer wants to buy one sovereign of gold ornament, she or she will have to shell out between ₹75,000 to ₹80,000, including making charges, wastage and Goods and Services Tax (GST). Though there are customers who term it as a good investment option those with modest income are struggling to meet the demand ahead of the wedding season.
“It is really a testing time for the people who have weddings lined up. I have promised to give 10 sovereigns of gold for my daughter’s marriage. It would cost ₹8 lakh for buying 10 sovereigns. I do not know how I am going to keep my promise,” says M. Subramani, a carpenter in Thiruvanaikoil, who earns ₹700 a day.
According to industry sources, the sharp increase in gold prices has not gone well for the bullion trade. Traders are of the view that the unprecedented increase in rate keeps the small investors and the people of lower income groups away from buying gold.
There are about 350 small to medium sized jewellery shops in Tiruchi. Most of them are located on Big Bazaar Street. In addition to them, there are about 15 major jewellery showrooms. The traders across the board notice a sharp decline in sales over the past few months.
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