Jewellery sales on the rise as bullion price falls

Mumbai-India (Mar 30)  Thanks to fall in bullion prices, jewellery sales have increased at least 20-25 per cent during the last one week, as buyers see limited potential for further fall from the current level.

Gold price declined more than three per cent during the last week to trade six-month low at Rs 28,750 per 10 gm in popular Zaveri Bazaar here on Saturday. The trend percolated to India from overseas markets, where investors sought refuge in other asset classes, including equities and currencies due to easing of geo-political tensions between Russia and Ukraine.

Spot gold in London fell 2.9 per cent over the week to close on Friday at $1,295.27 an oz. Both opportunistic and seasoned buyers found this price decline an opportunity, considering the present level as a realistic one.

Source: Business-standard