Gold prices crashed Rs. 1,250 to a one-year-low of Rs. 42,350 per 10 gm, its biggest fall noticed. Earlier, gold prices were sky rocketing and the market faced a tough time.“Demand has significantly improved in the past few days. Retail buyers are making purchases, especially after fall in gold rates,” said Sumit Gupta, a jeweller in Jammu. On Sunday (March 7), local gold futures fell to Rs. 42,217 per 10 grams, a trough since April 7, 2020.“Jewellers are also making healthy purchases in the first half of the week, but now a few of them have paused expecting further fall in prices, said Sumit. “We, don’t want to get stuck with high-cost inventory and this is the reason there is a sudden rush of buyers in the market ,” the Jeweller said.The general public started to buy gold and platinum, and there is a huge rush of buyers in gold and silver shops. People are buying with an investment purpose, thinking of profiting from lower prices.Nirmal Magotra, a homemaker said, “It’s my daughter’s marriage next month and I was eagerly waiting for some fall in gold prices and now when rate is 43,350 I just rush to buy some gold and silver ornaments for my daughter. Earlier the rates were sky rocketing and we were worried how would we manage all this but Thank God, I believe it is right time to buy gold.”Sonam Khajuria, another gold lover said,” Gold is every women’s favourite one. On every occasion, we buy a ring or the a necklace or any other thing but now it’s almost more than a year since I was waiting for fall in gold rates. I am a gold lover and I always buy gold or silver ornament on my birthday. But the prices were very high earlier. It was almost 52,000 and I was waiting for gold rate to come in between 40-41,000 so that I can buy something and with the fall I think it is the right time to invest in gold.”
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