Gold Rates touching sky – crosses ₹80K, silver eyes ₹1L: know the Buyers Perspective!
Gold prices crosses 80k with the festive and wedding season approaching .
Gold Rates touching sky – crosses ₹80K, silver eyes ₹1L: know the Buyers Perspective!
This week, gold prices broke the previous record by skyrocketing above ₹80,000. Buyers and sellers in Lucknow are negotiating the growing costs as the wedding and holiday seasons progress while carrying on with their festivities and purchases.
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“With the wedding and celebration seasons well underway, high prices will surely increase the recycling of old gold for new purchases, as many see this as their best option,” says Vinod Maheshwari, president of the All India Jewellers Federation for Uttar Pradesh. At the moment, the market is erratic.
Given the worldwide issues, it was anticipated that gold would surpass ₹80,000 per 24-carat. Silver is expected to continue rising above Rs1 lakh per kilogram, while gold may stabilize in this region.
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Experts predict a spike in last-minute purchases. While some wish to purchase gold before prices increase further, many are waiting for it to reach ₹1 lakh. Weddings and other customs won’t be impacted, and investment-driven purchasing will continue, but gifting may suffer as people try to cut back,” says Vinayak Rastogi of BD Jewellers in Alambagh.
A lot of consumers are waiting for sales and holiday promotions. “On Diwali, I always get my girls gold, even if it’s only a little ring. Anjali Sharma, an HR specialist, says, “But with prices this high, I’m waiting to see if we get any offers, maybe on making charges.”
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