Golden era for middle class sections

In the ever soaring market prices of essential commodities, petroleum products, shocking electric bills etc, it is a pleasant surprise to the people of the country to see the precious yellow metal rates is rapidly falling down. The fall has begun from Telugu New Year day Ugadi and it is still continuing to fall further. It was Rs.3240 per gram during November last year and it has come down to as low as Rs.2760 per gram today.

During the last five days the 22 carat gold price has comes down by Rs.2000 per gram, which is an unimaginable phenomenon for the gold lovers of the country. It is expected to further come down to by Rs.1000-1800 in the next few days, say market experts.

Even the Silver price also falls down heavily during the last few days. It is Rs.48,000 per kg now, which was once crossed Rs.59,000 mark in the last year. Hence, jewelry shops across the country witness a mad rush from all sections ranging from millionaires to labor class. However, many people are still waiting hoping further fall in the prices.

The reason for sudden fall of these precious metals is rumors over huge sale of these metals by Cyprus and in some European countries. According to Gold Council analytics there was 10% fall in demand for the Gold during the last year, which is also a reason for the present fall. It was 4405 tons in the year 2012, where as it was 4582 tons demand in year 2011. In India it was 986 tons in year 2011 and it was 864 tons in the last year.

More over the fall in crude oil prices, which affects the Dollar rate in the international market is also a reason for the present fall. According to Thompsons Reiter’s research center’s reports the gold price may pick up very shortly and may stabilize at Rs.3155 per gram by end of this year.