The upward trend on prices of the yellow metal, gold, has resulted in people opting for24 Carat gold coins as an investment option, said prominent jewellers.
Gold prices on September 3 touched an all time high of Rs 31,850 per 10 gm.
Jewellers are of the view that with higher gold prices, interest has risen in purchasing 24 carat gold coins and bars among the buyers.
Vinod Talwar, a city based jeweller who also happens to be the president of the Chandigarh Jewellers’ Association, says, “People are preferring to buy gold coins and bars of 24 carats, mainly for investment purpose.”
Sunil Talwar, another city-based jeweller endorse Vinod talwar’s view point. “With god prices steadily growing since last year we find the percentage of people investing in gold has gone up.”
The sale of ornaments, say jewellers, has taken a hit. One of the jewllers cited above says majority of gold ornament sales now -a- days is happening through the exchange route. People are exchanging their old jewellery to make fresh purchases. Rahul Singh, marketing head, Gaja Jewellery, says sales of gold generally get affected due to higher prices but it is mainly the volume sales that gets impacted.
However, he adds the fear factor, that is, the fear of gold prices rising further high, ensure the purchasing decision for gold ornaments are not deferred for too long. Gaja Jewellers is the retail arm of Kolkata-based Shree Ganesh Jewellery House Limited (SGJHL).