Gold Price Drops by ₹35,000 in MP, Demand for Jewellery Surges Amidst Sharp Decline

Gold Price - Wedding bells to ring from the 15th, gold and silver prices fall in 35 days.

Wedding bells will ring again in Madhya Pradesh after nine days. April 20, on the auspicious occasion of Akshaya Tritiya, will see a busy wedding season in the state. Consequently, the jewellery market is expected to buzz with activity again. A major reason for this is the significant drop in the prices of gold and silver. In the last 35 days, gold has become cheaper by ₹35,000 per ten grams, while silver has also seen a price reduction of up to ₹1.66 lakh per kilogram. This has instilled significant hope among jewellery traders for this wedding season. This substantial fall in gold and silver prices has also led to a surge in demand for jewellery in Gwalior.

New Trend in Purchasing This Time

A new trend in purchasing is visible in the local jewellery market this time. Compared to previous years, the rates of gold and silver (Gold Price) are still high. Usually, heavy sets are bought for weddings. Therefore, instead of 22 and 24-carat gold, there has been an increased demand for 9, 14, and 18-carat gold. This way, jewellery is being bought for transactions during weddings and other ceremonies even with a lower budget.

Purushottam Jain, President of the Jewellers Association Lashkar, states that 18-carat jewellery is in the highest demand. It is not only cheaper but also durable. Hence, people are preferring 18-carat jewellery more. Jewellery traders are also getting more readymade 18-carat jewellery crafted.

Gold Becomes Cheaper by ₹35,000 in Just 35 Days

Jewellery traders report that market demand has increased compared to before. People are coming out to shop due to the partial decrease in gold and silver prices. Compared to the last days of January, the prices of gold and silver are now very low. In the local market, the price of gold was ₹1,84,500 per ten grams on January 29, while on April 5, its rate was ₹1,49,500 per ten grams. Similarly, on January 29, silver had reached a peak of ₹4,05,000 per kilogram, whereas on April 5, its price in the jewellery market was ₹2,39,000 per kilogram. Gold has become cheaper by ₹35,000 in just 35 days.

The Craze for 9 to 18-Carat Gold Has Increased For This Reason

18-carat gold is cheaper than 22-carat. Heavy sets are being bought even with a lower budget.
24-carat gold is soft. The mixture with metals like 18 or 14 carats makes it more durable.
Stones and diamonds are held more firmly in 18-carat gold. It is good for daily wear.
It is difficult to differentiate between 18 and 22-carat gold by sight. The grandeur remains.

Savings of ₹35,000 in 35 Days - Standard Gold & Silver

Gold ₹1,84,500 per ten grams on January 29
Gold ₹1,49,500 per ten grams on April 5
Silver ₹4,05,000 per kilogram on January 29
Silver ₹2,39,000 per kilogram on April 5