AHMEDABAD: In the run up to the festive season, gold prices in Ahmedabad are inching towards the Rs 50,000-mark, leaving jewellers and bullion traders jittery.
The price of the yellow metal hit Rs 49,900 per 10g in the Ahmedabad market on Tuesday, according to bullion traders. In just eight days, the increase per 10g has been Rs 1,000, from Rs 48,900 on October 18.
“Prices are following the international rally of gold and the firming of the US dollar against the Indian rupee. Thus gold prices in India have gone up,” said a city-based bullion trader.
The higher prices will affect muhurat demand on Pushya Nakshatra and Dhanteras, which are days of the Hindu calendar, considered auspicious for purchases of precious metals.
Jewellers fear that higher prices will hurt sales, which had begun to pick up over the past three months.
Gujarat reported sales of 200kg gold in a single day on Dussehra, however, according to bullion traders and jewellers, sales remained much lower than pre-pandemic times.
