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News18 » Videos » News18 Shorts

Gold prices decline, investors return to market

Aug 19, 2008 12:00 PM IST Business Business
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New Delhi: Lured by a sudden fall in prices, investors are back to the gold streets. The other factors, which are playing an important role in it, are strengthening dollar and easing crude oil prices. One of the consumer, Vandana Sharma says that she is delighted that she can go back to what she likes the most, shop for jewellery. This Delhi resident has been controlling her urge for a while due to the high prices of gold but as the prices have come down, shoppers like her are cashing in on it. ''Prices have significantly gone down in the last few days, sales have almost doubled, people are preponing plans of buying gold for wedding & festivals as the prices are falling these days,” says Regional Business Head North Tanishq Jewellery N Vidya Sagar. Domestic gold prices have shown a sharp downward trend in a single month. Ten grams of gold was costing Rs 12,900 in early July and rose to a peak of Rs 13,567 within 15 days of the month. But then spiralled down, dropping to Rs 12,705 by July end and now at present it is Rs 11,300. Gold prices have fallen in the international market , and that has a lot to do with the slide in the crude oil prices ''Relating the fall of gold to crude oil prices, says that this is the right time to buy, more correction may take place, but right now gold stands as a good instrument to hedge against inflation,” says Managing Director Revah Jewellery Sanjeev Aggarwal. Gold industry's sales from January to June had fallen by 47 per cent this year due to high prices. But they have now started picking up.

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