Gold Prices on the Street
October 4, 2011 5 Comments
The recent fall in gold prices in the international markets made news headlines in India.The MCX mirrored the COMEX but things were a little different on the street.Here is a story from this week’s Wealth Times.Do read it for an idea of how ETFs react vis-a vis bullion and for how to try and get a discount out of your jeweller.
Is the fall in gold prices genuine
Khyati Dharamsi
When gold prices fell by more than 2,500 from 28,210 per 10 gm on 21 September to 25,685 on 29 September,people hailed the good news.But much to their disappointment,they found that it wasn’t as cheap as it was touted to be.While the yellow metal was trading at the 25,000 mark,most jewellers charged 27,500 per 10 gm,even 28,200 at some stores.When asked about the difference in the rates,jewellery store managers said that the rates quoted in the media were averaged out,so they were not applicable. Read more of this post
The new national pastime seems to be watching the gold price avidly.My dad catches up on it in the newspapers and my mom insists on watching it on TV and giving me periodic updates. Never mind that there is so much delay in the prices relayed to make things pretty confusing.
wealthymatters 