Rush of buyers despite high gold price in Kolkata

KOLKATA: There was a high demand for gold in Kolkata and its suburbs on the eve of Akshay Tritiya, despite its soaring prices in the last couple of days. Though the sales of gold ornaments were high, but the festive mood among buyers was somehow missing this time, felt many jewellers.

Gold prices varying by more than Rs 700 per 10 grams (for 22 karat gold) have been on a roller-coaster ride in the past seven days. On May 1, the gold price touched around Rs 31,920 per 10 grams while it came down by Rs 170 the next day.
“On Tuesday, gold price in the city market was around Rs 31,490 but that did not deter people from buying ornaments. The average bill size ranged between Rs 35,000 and 45,000,” said a jeweller. “People availed the three amrit-jog on Tuesday when they bought jewellery,” he added.
The sales in jewellery shops were high between 10am and 1.10pm and 9pm and 11.11pm. Though there was another amrit-jog in the afternoon, the shops saw less buyers because of the scorching heat.
“We see a healthy double-digit growth compared with last year. We are looking forward to healthy gold and diamond jewellery sales till the closing of the shop,” said Sandeep Kulhalli, senior VP (retail and marketing) of Tanishq. The suburbs saw better sales of gold ornaments this Akshay Tritiya, according to the jewellers. “In the places like Barasat and Barrackpore, the demand of gold was very high this year. Apart from buying jewellery for the wedding season, people also prefer to invest in gold,” said Rupak Saha, zonal member of Gem and Jewellery Trade Council of India.
The jewellers said that with the Sensex touching 39,000 mark, investors are finding valuation of stocks too high.