Though shops witnessed heavy rush during Ugadi and the
immediate two days followed- the time when the gold prices started dipping a
little, a sudden steep fall on Tuesday made buyers adapt ‘wait and watch’.
There are around 600 small, medium and big gold jewelry
showrooms in Vizag including outskirts of Gajuwaka, Gopalapatnam and Pendurthy.
Kurupam market in One
Town
On Tuesday, gold price in Vizag which follows Mumbai bullion
market is Rs 2, 628 per gram. “Everybody is in dilemma whether it is right time
to buy or not as gold price started falling day by day. What if they buy today
at one price and that further falls which will be loss was the thinking. So
there is no much excitement among the middle class or other prospective buyers.
We are of the opinion that the price will not fall further drastically except a
little,” Visakhapatnam Gold and Silver Jewellery Merchants’ Welfare Association,
secretary, N V Achyuta Ramaiah told this correspondent.
There were hordes at the jewelry stores on Ugadi and the two
days that followed. Though they had
business more than the regular days, but it was not on the expected lines. The
fall in price neither excited the buyers nor the shop owners.
“We have expected at least 50 to 60 percent of surge in the
daily business today. But we have done only 15 percent more than the normal
biz. Customers are rather anxious than being excited. Let’s see what’s in the store in the coming
days. This is a trend,” ES Madhavan of famous jewelery chain Jos Alukkas told
this newspaper.
He attributed the
sudden fall in price to the dumping of gold in Indian market from US via Dubai .
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