BENGALURU: Amidst global economic uncertainty and a dip in gold prices, the city has seen a rise in sales of gold. Leading the trend, T A Sharavana, president of the Karnataka Jewellery Association, said the demand is slowly picking up.
“Sales have increased by around 25% in two days,” Sharavana said. “Customers were waiting since the prices peaked earlier this year. Now that the prices have dropped slightly, they have begun buying again.”
Sharavana added that the demand for gold is expected to grow further in the coming days because of the upcoming wedding season and festivals like Akshaya Tritiya.
According to him, buyers are mostly choosing lightweight and antique jewellery. “People are more aware now. They waited for prices to fall, and now they are making purchases,” he said.
However, other jewellers say the rise in sales is not consistent across the market. Goutham Badera, proprietor of Panchkesari Badera Jewellers said, “We saw a 10-15% increase in sales when prices dropped. But prices are rising again. There is still a lot of confusion among customers.”
Many buyers wait for price to go down further
Some jewellers also said that many buyers are still waiting for prices to fall further. “Customers are not rushing to buy yet,” said another owner of a jewellery shop. “They feel prices may drop more, so they are waiting. Unless prices become stable, sales may not increase steadily.”
Industry experts say frequent changes in gold price are making customers unsure.
“Prices are going up and down almost every day,” said Suresh Kumar Ganna, Managing Director of SK Jewels. “We have seen a small increase in sales, but overall customers are still cautious.”
For now, jewellers say the market for gold is mixed. While some customers have started buying after the price drop, many others are still waiting for prices to settle before making a purchase.