Jewellery buyers defer purchases as gold hits all-time high on global cues

Footfalls drop sharply at retail outlets in Mumbai, as customers expect price fall in the days to come

Gold hit an all-time highest in Mumbai's popular Zaveri Bazaar on Wednesday, following a global move by investors who sought to take shelter in bullion on concerns of geo-political tensions and global economic slowdown. On a medium term basis, the upsurge has been so swift that between December and now, gold price has risen over 12 per cent. However, analysts foresee near-term obstacles for a further sharp rise, and customers are deferring purchases.

Standard gold rose by 0.5 per cent or Rs 170 to close at the highest-ever level of RS 33,725 per 10 grams, leaving jewellery shops bereft of