Gold price in Hyderabad hits all-time high
HYDERABAD: Gold prices zoomed to a record high of Rs 34,800 per 10 grams on Wednesday amid the rupee hitting historic low of 68.85 against the US dollar. City jewellers say that their business has been widely hit, largely due to the ongoing depreciation of rupee against the dollar.
'The gold prices in the international market are still stable but as long as the rupee keeps falling against dollar, it is only more trouble for us. As of now, sales have been affected by up to 50 per cent and we are getting more number of people exchanging their old ornaments for new ones,' said PK Siraj, zonal manager for Malabar Gold (AP).
He pointed out that within a span of 45 days, the prices have jumped from Rs 25,000 to Rs 34,000 per 10 gram of 24 carat gold. Some attribute the rising prices of gold to the customs regulations and hike in the import duty.
'There is hardly any import happening now. The import duty of gold in 2 years, has been hiked from 2 per cent to 10 percent. I think, we will have to manage with the rolling stock of ornaments,' said manager at a nearby store who requested anonymity.
However, some customers seemed undeterred by the rising prices of gold. Madhulika, a resident of Shantinagar, who was seen at a store said, 'We usually buy gold ornaments during Varalakshmi Vratham. So, we are still buying gold despite the rising prices.' She was seen exchanging a 50 gram gold chain that costed Rs 30,000 back in 2002, at the time of her marriage.
'My old chain now costs Rs 1,20,000 and I am buying a new one by an paying additional Rs 25,000 to buy a chain which is 9 gms less in weight,' she lamented. Whereas, K Radha, a resident of Motinagar, said she was buying gold as she feared it would further shoot up in the coming weeks.
For now, store managers maintain that customers are in a confused state since prices are fluctuating but some have already started exchange offers for old gold with a few already giving Rs 100 and so extra on the old jewellery for exchange.
News Posted: 29 August, 2013
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