Nagpur – Gold dims its glitters at Rs. 35,000 per 10 gram in local market

Nagpur : Gold which was oscillating between Rs 32,000 and Rs 32,900 has coolly crossed the all-time mark of Rs 35,300 mark (GST) and 34,400 (without GST). According to Kishore Dharashivkar, President of Nagpur Sarafa Association the reason for the high price of the yellow metal was due to strain relation between US and Iraq besides Rupee getting weaker against dollar.

“The war like situation arising between America and Iraq seems to be the main reason adding extra glitter to the price of the gold in the international and domestic market,” he said. Rajesh Rokde, Secretary of the Nagpur Sarafa Association said, “Apart from international situation, gold is getting costly due to frenzied buying by the local designers and manufacturers. Manufacturers purchase gold in four months in advance for jewellery and get readied for the wedding and festival seasons. Even the jewellers exhibition scheduled to be held in month of August has also increased the buying of the gold. These jewellers will showcase their latest designs in the event.”

He said, people who have arranged marriage of their children in the month of November and December are placing orders for the jewellery. Some are also purchasing in advance in anticipation that prices of gold will increase during the marriage season. Rokde predicted that the prices may even go further. “If the international condition did not alter, gold may even touch Rs 40,000 mark during Diwali festival,” Rokde said. Pradip Kothari said, “There is very little chance of gold prices coming down. They will be high during the festival and marriage seasons.”

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