Mansi Bhambri / Dehradun
About a week of steady decline in gold prices has led to a noticeable decrease in customer footfall at jewellery shops in Dehradun. Shopkeepers expressed concern, attributing the drop to uncertainty in gold prices resulting from volatility in West Asia, which has reduced demand for gold and consequently led to lower prices. Notably, silver prices have also declined alongside gold rates. Meanwhile, residents claimed that they have adopted a wait-and-watch approach, hoping for prices to fall further before making a purchase.
The State general secretary of the Uttaranchal Jeweller Association and a jeweller in Dehradun Gurjeet Singh stated that gold and silver prices had been high over the past two months. Two months back, silver had reached Rs four lakh per kilogramme, while gold was priced at about Rs 192,000 for 10 grammes of 24-carat gold. These prices rose when the war crisis was at its initial stage. However, given the current situation regarding the war, there has been more focus on essential commodities. As a result, the demand for gold has decreased, leading to a decline in prices.
Singh said that over the past week, gold prices have been falling. Currently, the silver rate has decreased to Rs 230,000 per kilogramme, while gold is priced at Rs 145,000 for 10 grammes of 24-carat gold. He said that the persistent decline in gold prices coupled with uncertainty, has led to decreased customer footfall in their shops. Many people believe that gold prices will drop further before they decide to buy. Singh said that once stability returns to gold rates, customer footfall is likely to increase. Special offers are being planned to attract customers, he added.
Another jeweller, Ravi Chandok (name changed), said he has not seen any customer footfall in recent days; customers are only stopping by to inquire about the daily gold rates, rather than buying. He said that uncertainty about gold prices has indirectly affected their business.
Many other jewellers in Dehradun shared similar concerns regarding the reduced footfall of customers. Additionally, some residents have shared their views on why they are opting not to purchase gold during this period. One resident, Gauri Singhal, said that gold prices have been continuously declining over the past few days. She had planned to buy some jewellery for herself but is currently waiting for gold prices to decrease further.
