Publish Date: | Sat, 26 Feb 2022 04:24 PM (IST)
Ukraine-Russia War Effect: Gwalior, New Zealand Rep. Due to the ongoing war between Ukraine and Russia, gold prices have started touching the sky in India. Along with this, the sale of gold and silver in the city has come down due to the setting of Guru and removal of the restrictions of Corona. Till the time gold prices do not stabilize, the market will not return to its glory. It is expected that the market will remain volatile for the next 15 days. After Russia attacked Ukraine, gold prices had reached Rs 53 thousand 500 per tola on Thursday, but on Friday it came down to Rs 51 thousand 800.
Due to the setting of Jupiter, the marriage ceremonies will now be closed for the next two months. The sale of gold in the market is mostly done only when marriages take place. Now till the first fortnight of April, there is no big connection of marriages. Although people are already looking to buy gold jewelery for weddings, but due to the sudden price volatility, customers are still avoiding buying. Most people are hopeful that the war atmosphere will soon calm down and prices will fall. Anyway, due to the fear of war, the price of gold had increased by one and a half to two thousand rupees in the last one week. After Russia attacked Ukraine, the prices suddenly increased by two thousand rupees on Thursday, but on Friday the prices also decreased by two thousand rupees. Traders are still hopeful that the war will end soon and people will buy once the price stabilizes.
Gold sold a lot in Karona: In the second and third wave of Corona, when the number of guests invited to weddings was limited, the sale of gold increased at that time. The reason for this was that due to less number of guests, marriages were taking place in simple ceremonies and people were buying gold and giving gifts to the bride and groom after saving the budget for decoration and food. A middle-class family was buying up to 100 grams of gold for weddings during this period. At the same time, people of the affluent family were buying gold up to 200 grams including one big and one small gold set, chain, rings, four bangles. When the restrictions of Corona ended in the month of February, the purchase of gold also decreased, as other expenses in weddings increased.
In light jewelery trends that look heavy: At present, the trend of heavy looking light jewelery is going on in view of the weddings. When the price of gold reaches 50 thousand rupees, now people are designing such jewelery which looks heavy, but in reality its weight should be light. Such jewelery includes chains, gold sets and rings.
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People were inviting more guests when the restrictions of Corona were lifted, due to which their other expenses were increasing. Due to this, there has been a decrease in the purchase of gold in the weddings held at present. Now even when the price of gold increases, people are avoiding buying.
Akhilesh Goyal, Director Suvarna Jewels
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Gold prices are volatile due to Ukraine-Russia war, but stability is expected soon. Customers will also come to buy only when gold prices are stable. The market is expected to return to normal soon.
Gairav Goyal, Director Balaji Emporium
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Now due to war between two countries, the price of gold had increased, but then also decreased. Soon the situation is likely to return to normal, after which the market will also start returning and people will buy.
Anekant Jain, Director PC Jewelers
Posted By: vikash.pandey