Gold price rise ahead of wedding season worry families

Visakhapatnam: Pre-wedding jitters are pretty common for the bridegroom and the bride ahead of the big day. However, the Brexit effect in the United Kingdom has led to panic among the families of grooms and brides in Vizag, thanks to the surge in gold prices ahead of the wedding season beginning in August.
Gold buyers are now hoping that prices don't go beyond their reach as one month is still left for the Ashadamasam to be over."We were planning to buy gold for our family members in August or September as currently there are no good muhurtams. We are hoping that the prices will remain low. If it increases, then our budget planned for the marriage will also have to be altered or we'll have to shell out more money on jewellery," said a worried marketing professional Ram Kumar, who will get married in December.
Post June 23, when the Brexit referendum was held in which the United Kingdom decided to break away from the European Union, gold prices in Vizag have shot up by around Rs 1,500 per 10 grams.
On June 23, 22 carat gold was selling at Rs 28,230 per 10 grams, whereas on July 6 the price increased to Rs 29,700 per 10 gram witnessing a surge of Rs 1,470 per 10 grams. According to city-based jewellers, the last couple of months have been dull for business due to the lack of weddings and auspicious dates to purchase jewellery.
"We were planning to purchase around 20 tolas (each tola is around 11.6 grams) in August for our wedding. Going by the current rates, it has already increased by Rs 35,000. We'll have to keep our fingers crossed by the time we reach August," noted K Bhavana (name changed), who is getting married in August.
"Whenever people want to purchase jewellery for weddings, they look for auspicious dates. As currently we are in the ashadamasam, not many people purchase jewellery. Instead we expect to see jewellery - especially gold sales - to pick up from the first weekend of August," noted the manager of a jewellery store on Sampath Vinayaka Temple road.
Concurring, manager of Jos Alukkas, Shanuj Phillip said, "The last month was very dull due to inauspicious dates. But, for the last two days we are witnessing an increase in number of customers. This may be due to the impending marriage season after the first week of August."
With global markets also witnessing a surge in gold prices, Mouli Krishna of Shyam Zaveri Jewellers said, "Now is the best time to purchase gold because prices are quite low."
Expensive affair
-- Post June 23, when the Brexit referendum was held in which the United Kingdom decided to break away from the European Union, gold prices in Vizag have shot up by around Rs 1,500 per 10 grams
-- On June 23, 22 carat gold was selling at Rs 28,230 per 10 grams, whereas on July 6 the price increased to Rs 29,700 per 10 gram witnessing a surge of Rs 1,470 per 10 grams
-- The last couple of months have been dull for business due to the lack of weddings and auspicious dates to purchase jewellery
QUOTE
We were planning to buy gold for our family members in August or September as currently there are no good muhurtams. We are hoping that the prices will remain low. If it increases, then our budget planned for the marriage will also have to be altered or we'll have to shell out more money on jewellery. - A worried customer