General News
The relief for customers after the sharp cut in import duty on gold from 15 per cent to 6 per cent announced by Union Finance Minister Nirmala Sitharaman in the budget presented on July 23 was short-lived as the price of the yellow metal has increased by around Rs 5000 (per 10gm) in one and a half months.
After the Union Finance Minister’s announcement, the price of gold plummeted by Rs 4,500 per 10 grams. With the passage of time, the scenario has changed completely. While the price of 10 grams of 24K gold has crossed Rs 75,000, for 22K it has touched Rs 69,000.
In Bhubaneswar, the price of 22K gold was Rs 68,200 on July 22. Under the impact of Nirmala Sitharaman’s announcement, its price scaled down to Rs 63,600 on July 26.
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But, within one-and-a-half months, the situation has changed completely and its price has had an upward trend.
Within the last two days, the price of 10 grams of 22K has touched Rs 69,000 in Bhubaneswar.
With the price of gold skyrocketing, people are expressing reluctance to buy it.
“As you know, a wedding is once in a lifetime event. So I had several plans. Given the increasing price of gold, I am forced to make some changes to them,” said Prashant Jena.
Another customer Pushpashree Pattanayak said, “As a marriage ceremony is ahead, we are buying gold jewelleries. We had a budget set for 15 to 20 grams. Now, we have reduced it to 10 to 12 grams.”
“Our business has nosedived for the last four days. People having a purchase capacity of 100 grams have come to 60 grams. Yesterday, there was a sudden spike of Rs 1200 and today it was Rs 600,” said Pramod Rath, business head of J & T Gems and Jewellery.
Market analysts expect that the price of gold may touch Rs 90,000.
“The volatile situation will last for some more days. If the US economy doesn’t revive, the price of gold may go up to Rs 85,000 or 90,000,” said Trinath Lenka, a market analyst.
- Reported by:
- KAPILENDRA PRADHAN
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