Gold prices in Vijayawada have reached a record high of 6,627 per gram, causing concern for buyers, especially those preparing for the upcoming wedding season. In Telugu weddings, gold ornaments play a significant role and are traditionally gifted to the bride by her paternal family members. However, the sudden surge in gold prices has led to a decrease in demand, with jewellers experiencing losses due to reduced sales.
The rise in gold prices globally, with an increase of 430 per gram in the last 10 days, has impacted the wedding preparations of many families. Buyers, including those from lower and middle-class backgrounds, feel the pinch of the price hike, with one individual citing an additional cost of 40,000 for purchasing 100 grams of gold for his daughter’s wedding. The uncertainty about gold rates potentially touching 7,200 per gram has led to panic among buyers and sellers alike, affecting the market ahead of the wedding season.
According to sources, gold prices in Vijayawada are expected to stabilize at around 6,700 per gram in the near future. In response to the dwindling demand, some jewellers are offering discounts on wastage and making charges to attract buyers. However, the overall sentiment remains subdued as buyers and sellers navigate through the challenges posed by the unprecedented rise in gold prices.
In addition to the local scenario, the global gold market is also experiencing a bullish trend, with prices reaching new heights in various regions. The recent jump in gold prices in Delhi to Rs 65,650 per 10 grams, along with a surge in silver prices, highlights the volatility and uncertainty in the precious metal market. Factors such as the upcoming US CPI data and non-farm payroll are expected to influence gold trends, adding another layer of complexity to an already turbulent market.
It is essential for both buyers and sellers in the gold market to closely monitor the price fluctuations and consider alternative strategies to mitigate the impact of surging prices. Additionally, exploring innovative ways to adapt to changing market conditions, such as offering discounts and promotions, could help alleviate some of the financial burden faced by consumers during the wedding season and beyond.
