Hyderabad: For the first time on Monday, gold prices soared to an all-time high five-digit mark, despairing those planning to buy precious metals for weddings after global economic conditions worsened. The question in everyone’s mind is no longer whether yellow metal will ride Rs 1 lakh at 10 grams of 24 carat gold, but when.
In Hyderabad, gold prices in the spot gold and silver market at 9pm on Monday were around Rs 99,500, while the trademark in Bangalore reached Rs 1 lakh. Chennai, Mumbai and Delhi are at the threshold of five-digit numbers in the spot market. The price of gold in the spot market includes three percent of GST.
As the store’s pace fell to an eight-month low, jewelers offered discounts that exceeded the market speed. Some jewelers sell gold for Rs 99,000, while some major gold retailers offer steeper discounts.
The astonishing surge in the prices of precious metals is also heralding a shift in the way people are. Some people choose lighter (18k) gold jewelry or explore alternative jewelry options such as silver pieces set in gemstones instead of heavy traditional jewelry.
Ashok Shermal Jain, a local gold businessman, said in a speech by Deccan Chronicle that the price has become completely unpredictable. He said there was no idea to determine the price of gold. However, gold sales have dropped sharply over the past eight months.
Jewelers have had a double blow, he said, — lower sales, but higher tax advantages.
“Although we had lower financial sales last time, we paid higher valuations of the original gold and decorations we could pay due to the rise in gold prices, so we paid higher taxes. So, due to the sharp rise in gold prices, we have paid taxes without paying any income.
He believes gold prices may fall like silver. Earlier, the price of silver exceeded Rs 1 lakh per kilogram but dropped to Rs 96,000.
Secunderabad’s jeweler Indu Jain said gold prices have never been more volatile. “We have never seen a gold price increase like last year or last month,” he said.
