Ahead of wedding season, gold price dips by 9k/10g
Times of India | 16 May 2025
Kolkata: In the past 24 days, the price of gold in the city came down by nearly Rs 9,000 per 10 g. The dip in price, one of the highest in recent times, brought relief to the buyers ahead of the wedding season. On Thursday, the price of 24 carat gold was Rs 91,750 per 10 g in Kolkata.On April 21, the price of 10 g of 24 carat gold crossed the Rs 1 lakh mark for the first time. It continued to climb further in the next couple of days before Akshay Tritiya — one of the auspicious occasions to buy gold and expensive metals. On April 30, the price of 24 karat gold was Rs 93,310 per 10 g. It then slid to Rs 93,040 on May 12."The buyers in the city have been waiting for this correction. The wedding season will begin soon, and the correction has started boosting enthusiasm among buyers. However, a section of buyers might prefer to wait for a few more days before placing their orders," said Bablu De, president of Swarnashilpo Bachao Forum.Anargha Uttiya Chowdhury of Anjali Jewellers felt this correction has come as a breather while the global market remains volatile and cross-border tension is still not over. "The fall of the gold rate is a good sign for those who are planning to get their wedding jewellery as they will be able to buy more gold for the occasion," he said.Shubadip Roy of Bengal Jewellery felt that the "decline in prices in the past 20 days is unprecedented". "Buyers who were planning to recycle old gold into new designs, keeping the wedding season in mind, will now be able to purchase more gold as the price correction is significant," he said.According to Suvankar Sen of Senco Gold Ltd, with a steady decline, buyers are apprehending that the price might climb up again soon. "We are seeing wedding buyers coming to stores with fear in their minds that the rate may increase again," he said.City jewellers, too, felt that the prevailing price may not hold for long. "This is a temporary correction. If you see the global data, countries have been increasing their gold reserves, so there's no chance of prices going down drastically in the future," said Pratik Dugar, director of Indian Gem and Jewellery Creation.