Gold business in Javeri Bazaar, the country’s largest gold trading hub, seems to be under pressure these days. After the Prime Minister’s appeal, a sharp decline in daily business has been recorded in the market. Earlier, there used to be a daily trade of about Rs 1400 crore, but now there is a huge decline in it.
According to the information, instead of the total estimated business of around Rs 4200 crore in the last four days, only between Rs 2000 to Rs 2500 crore has been recorded. Traders say that this decline in demand has become a matter of concern for the market.
According to traders, gold prices have remained high due to increase in import duty. This has affected the purchasing power of customers and retail buyers have started staying away from the market. Especially there is a decline in the number of small and medium level jewelery buyers.
Traders believe that in the current situation, international market prices and domestic tax structure are directly impacting the local business. Many shopkeepers also said that investors and customers are currently waiting for stability in prices.
Although official figures have not been fully released yet, market trends are clearly indicating that there has been a temporary slowdown in business. Experts say that if prices soften in the coming days, there may be an improvement in demand.
At present, the traders of Zaveri Bazaar are keeping an eye on the situation and new schemes and offers are also being considered to attract customers.
