Kolkata consumers have major reasons for cheer just ahead of the oncoming wedding season as prices of gold, a staple in Indian marriages, have fallen quite a bit — by almost Rs 9,000 per 10 grams. Till about three weeks ago, the precious metal was ruling at around Rs 1,00,000 not just in Kolkata but in other cities too.
Over the past 24 days, the steep price reset has brought gold down to Rs 91,750/10 grams levels (May 15 price data).
This significant drop, one of the most considerable in recent history, has offered major respite to consumers just as the wedding season approaches, The Times of India reported.
On April 21, the price of 10 grams of 24 carat gold surpassed the Rs 1 lakh threshold for the first time. The price continued to rise in the following days leading up to Akshay Tritiya, a propitious occasion traditionally associated with purchasing gold and precious metals. By April 30, the price of 24 carat gold had reached Rs 93,310 per 10 grams, before dropping to Rs 93,040 on May 12.
Bablu De, president of Swarnashilpo Bachao Forum, noted that the local buyers had been anticipating this price correction. With the wedding season on the horizon, the decline in prices has started to generate excitement among potential purchasers. However, some buyers may opt to wait a bit longer before making their purchases, he told ToI.Anargha Uttiya Chowdhury from Anjali Jewellers said that this price adjustment has been a welcome relief amidst global market fluctuations and ongoing cross-border tensions. He indicated that the reduction in gold prices is advantageous for those intending to acquire wedding jewelry, as it allows them to purchase a greater quantity for their celebrations.
According to Shubadip Roy of Bengal Jewellery, the drop in prices over the past 20 days is unprecedented. He emphasised that buyers who were considering transforming older gold into new designs in anticipation of the wedding season can now afford to buy more gold due to this notable price correction.
Suvankar Sen from Senco Gold Ltd pointed out that the consistent decline in prices has led buyers to worry that rates might rise again soon. He told ToI’s Rohit Khanna, “We are observing wedding buyers entering stores with concerns that prices may increase once more.”
Jewellers in the city also shared the view that the current prices may not last indefinitely. Pratik Dugar, director of Indian Gem and Jewellery Creation, commented, “This is merely a temporary correction. If we examine the global trends, we see that countries are augmenting their gold reserves, meaning there is little chance for prices to significantly decrease in the future.”
