Gold prices in Hyderabad are decreasing, leading to a surge in citizens visiting jewelry shops to buy gold, even during the inauspicious Pitru Paksha days. The prices have been declining for a few days now, causing people to rush to different gold shops in the city. Last week, the price was around Rs 63,000 per 10 grams, but it has dropped to Rs 60,700 per 10 grams this month. For a few days last week, the price reached Rs 58,000 per 10 grams, attracting more people to the shops. As of Saturday, the price was Rs 59,500 per 10 grams.
Gold traders are happy about the increased demand during Pitru Paksha, which is usually a time when people do not buy gold. The decreasing prices have motivated people to stand in long queues at the shops. Many customers mentioned that they need to buy gold for upcoming weddings and the festive season, which will likely cause prices to rise. Jewelry shop personnel have been witnessing queues from 10 am to 8 pm for the past week and are struggling to maintain sufficient stock. The jewellers usually have stocks of 10, 20, and 100 grams, but some customers request smaller quantities like 15 or 30 grams.
Experts predict that although gold prices are currently decreasing, they may increase again during festival and marriage seasons.
