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Soaring gold prices, but Indians continue buying!

Soaring gold prices, but Indians continue buying! < News < Bet On Markets

New Delhi, Dec 5 : Gold prices are soaring but this has failed to affect the buying spree in the Indian wedding season — infact people are buying more, fearing a further hike in prices, those in the business say.

Contrary to popular belief that rising gold prices affect buying negatively, apprehensions of a further price hike have lead to panic buying. This has resulted in higher sales as compared to the last few years, says Madan Mohan, Member, Karol Bagh Jewellers Association.

«People know that the gold rate in the domestic market is linked to international prices and beyond anybody’s control here. So fearing a further hike, they are buying and there is no stopping,» says Mohan.

«Moreover, there are certain market segments which are not affected by prices — the rich and those buying for wedding purposes. However, those buying for festive reasons would still buy, though in less quantity,» says G S Pillai, President, Gold Souk.

«Also those who have more disposable income at hand, are buying now,» he says adding «the Gold Souk is experiencing amazing footfalls of 2500 customers on average over weekends,» says Pillai.

«These are serious buyers who come for buying purposes irrespective of the prices,» he says.

Says Harman Dhillon from Tanishq, «November saw an increase in 40 per cent in sales over the same period last year.» PTI

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