Udaipur. The prices of gold and silver once again came down in the bullion market of the city on Saturday, due to which the concern of both buyers and traders in the market has increased. Due to continuously increasing and decreasing rates, people are not able to understand when is the right time to buy. At the same time, traders are also troubled by these fluctuations because there is uncertainty in the market. According to Udaipur Bullion Association, the price of pure silver stood at Rs 1,61,000 per kg, which is Rs 5,000 less than Friday.
Whereas the price of 18 carat silver was Rs 1,60,000. On Friday, pure silver was sold for Rs 1,66,000 per kg, which makes it clear that the prices continue to fluctuate rapidly. A decline was also seen in the price of gold. On Saturday, 24 carat gold reached Rs 1,26,500 per 10 grams. Apart from this, jewelery gold was priced at Rs 1,21,440 and 22 carat gold was priced at Rs 1,16,380. On Friday, the price of 24 carat gold was up to Rs 1,28,000, which clearly shows that the price of gold has also decreased by about Rs 1,500.
Constant fluctuations in rates are harmful
Rajendra Porwal, director of Porwal Jewellers, said that this continuous fluctuation is most harmful for small traders. Due to prices sometimes going up and sometimes going down, less customers are coming to the market. Many people are waiting for the rates to stabilise, due to which the shops are not as crowded as before. Small traders say that in such a situation, sales are greatly affected.
Customers are demanding light weight jewelery
Kailash Soni, businessman of Moti Chhota Vyapar Sangh, said that now customers are demanding light weight jewellery. The continuously rising prices of gold and silver have spoiled people’s budget, hence things of lesser weight are being preferred. He said that this time even in weddings, people are preferring to give cash instead of gifting gold and silver because they are finding it easier and cheaper.
The rate is confusing to both customers and traders
Lakshmi Purawat, a resident of Udaipur, said that the situation has become even more difficult for women. Earlier, she used to save a little and buy the jewelery of her choice, but now the prices have increased so much that even her thinking about shopping has changed. Overall, the continuously changing prices have created an atmosphere of confusion in the market. Both customers and traders are confused. Both are not able to guess in which direction the prices of gold and silver will go in the coming days.
