Nagpur: As gold prices fell nearly 17% from this year’s record peak, with 24-karat gold trading around 1.5 lakh/10 gram on Wednesday, jewellers say the buzz is back in showrooms right ahead of the festive season. Earlier this year the precious metal touched an all time high of about 1.81 lakh per tola which many said led retail buyers to defer purchases.Rajesh Rokde, chairman of All India Gems and Jewellery Domestic Council (GJC), said “Since Rakshabandhan, the market has opened up. Gold prices came down steadily and have settled between 1.45 lakh-1.5 lakh. Now even retail consumers have got the confidence that this is the right time to buy as from here we expect it to climb higher. Across the country our members have reported an increase in footfalls and purchases.“He added festive season boosts sales because of tradition behind it. “In our Indian culture we always buy gold during an auspicious moment. This inadvertently becomes like a SIP and you also are making a long-term investment,” said Rokde.He said the correction had triggered fresh buying interest across markets. Rokde said, “Buyers who stayed away during the price rally are now returning in large numbers, and this correction could not have come at a better time for the trade.”The fall comes weeks before Dhanteras and Diwali, and jewellers in the city say it is driving festive buying more than any discount could.At current rates, a buyer purchasing a tola of gold now saves roughly 30,700 compared to the year’s peak. Global gold prices in dollar terms have also fallen sharply from their peak this year, though the domestic rates track a mix of global cues and the rupee’s movement overall.
