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Why Gold Has Become Evil for the Jewellers

This year gold creating major problems for the jewellers lapidary are facing problems due to gold. But why jewellers this type of condition. As per the experts of Gold markets, the fare is the main reason why gold is making Nasty situation price of the prices might cross Rs 40,000 mark, per 10 gram around the festival.

  • In Capital, the rate of gold is around  Rs 38,420 and Rs 38,250 per 10 gram, talking to jeweller said it’s very difficult for us to sell the gold in the market. Customers are not buying the gold due to its high rates jewellers hard time they are not able to pay the salaries to their staff from last 2 months due to no work in markets.
  • Shopkeeper owner also said that our client coming to sell the gold but jewellers are not buying the gold. Keeping Gold in our shops will not make us money. The demand for the Gold has declined up to 10% in Delhi itself.
  • Shopkeepers also told us that after the budget conditions of markets has become worse. Many jewellers have shut down their shops and many have shortlisted their staffs which were working for them.
  • Besides this reporting Agency IANS also outline that High gold prices have hit demand in India–the second-biggest consumer of the precious metal in the world. According to the latest data, gold imports to India slumped 42 per cent to $1.71 billion in July. Jewellers have reported a higher supply of scrap gold as consumers sell their old jewellery, prompted by higher prices.
  • Lower interest rate by central banks and the ongoing trade dispute between the US and China are the other factors that have supported the gain in gold prices.

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