People are selling their old jewelry and purchasing new jewelry for weddings as a result of the increased price of gold

Gold prices had decreased some time ago due to rising trade tensions and tariff woes between the US and China but today the international gold rate touched $3200, whose impact we are witnessing in India. Gold in the Indian market keeps fluctuating on a daily basis. On April 12, 24-carat gold in Mumbai (up to noon) touched Rs 96, 600 for ten grams and that of 22-carat was Rs 87,460 for ten grams. The gold price has risen by Rs 2000 from Friday, according to market experts. Gold price is just Rs 4,500 from touching its new record rate of Rs 1,00,000.

Bombay Bullion Association member and jeweler Sanjay Kothari explained that gold price has touched an all-time high, because of which there is no jewelry buying going on presently. During the wedding season, 80 percent of the clientele are recycling the gold, which means they are getting old jewelry redone, whereby they have to pay only the making charges else they are selling old gold and purchasing new jewelry in return.

Customers are also converting gold coins or gold bars into jewelry. He says, that at such a high price, new purchases are being seen up to 5 percent, in which only the high-income group is seen doing the shopping. There is also the purchase of small items in silver, in which the demand for anklets or light items given as gifts is up to 10 percent.