Category: Gold News

Wedding Sales Hit as Gold Prices Soar Ahead of Summer Wedding Season

Vijayawada: Soaring gold prices have become a major concern for the people ahead of the summer wedding season. Gold price touched a record high mark of 6,627 per gram in city on Saturday resulting in sudden fall in demand. Gold ornaments play a key role in Telugu weddings. No weddings are complete without gold which is often gifted in the form of ‘Sthree Dhana’ to the bride by her paternal family members.Gold prices shot up globally in last 10 days and recorded an increase of 430 per gram. As a result, demand for gold fell significantly and gold shops wore a deserted look. “We are experiencing huge losses for last 10 days with fall in sales. Predictions of gold rate touching 7,200 per gram is creating panic among the buyers. This is a mighty blow ahead of wedding season for us,” said Dogiparthi Sumanth, a jeweller and member of Vijayawada Jewellers Association. Buyers are unhappy over the gold prices. “Gold and Telugu weddings cannot be seen separately. Even poor and middle class buy gold during weddings. Surge in prices during wedding season is definitely a big blow. We are eyeing to buy around 100 grams of gold for my daughter’s wedding and we need to pay 40,000 extra with the price hike,” said K Madhava Rao, a retired employee. Sources said the gold price is expected to increase significantly in next 10 days and stablilise at 6,700 per gram in city. Meanwhile, a few jewellers are offering huge discounts on wastage and making charges to attract buyers.

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