Gold failed to maintain its much desired ‘glitter of interest’ for the buyers during the ongoing festive season as market sentiments in the local bullion market remained subdued due to high import prices.
‘Sales in the bullion market had been below expectations this festive season with prevailing shortage of gold bars as banks for the last couple of months have not been offering fresh supplies in the market,’ president of Raipur Sarafa Association Harakh Malu told The Pioneer. The other prime reason for the lack of firm demand in the bullion market had been the forthcoming Assembly polls in Chhattisgarh, he said.
Malu said that the price for a 10 gm gold bar was ruling at Rs 30,700 on Wednesday in the bullion market in Raipur. ‘The gold price in the MCX surged by Rs 2,000 the same day’.
The shortage of gold bars is affecting execution of orders in the local market on the face of a busy marriage season ahead, Malu said. ‘We are hoping that the jewellery market would certainly pick up during Diwali as people are bound to buy jewellery at that time,’ he said. However, for now, there is no buyer interest in the bullion market, he added.