CHENNAI: In what was the steepest single-day fall in the price of gold since October, the yellow metal on Thursday registered a drop over Rs 600 per sovereign, prompting many to flock jewellery shops across the city.The gold rush was compounded by the fact that only two days were left for the beginning of Margazhi month, which is considered inauspicious for conducting marriages or buying anything precious. As per information from jewellers in the city, a gram of gold was sold at Rs 2,610 on Thursday, down by Rs 76 from the Rs 2,686 on the previous day. This translated into a decrease of Rs 608 per sovereign. Managers of several jewellery shops in Mylapore and T Nagar said that when the news of the fall in prices started trickling in after TV news channels picked it up in the afternoon, there was a marked increase in the number of customers. By evening, most shops on the Mylapore Mada streets were doing brisk business. According to spokespersons for T B Jewellery and Prince Jewellery, purchasing jewels for marriage is avoided in the second half of December corresponding with the Tamil month of Margazhi and hence, many tried to take advantage of the lower prices on Thursday. But if the prices continue to fall, people might not mind the season and would want to invest when rates are cheaper. Vijayalakshmi, who bought a pair of bangles for her daughter, said that it was rare to see such a drop in price. “In the last two years, the metal had been beyond the reach of middle-class families. But we have to save for our daughter’s marriage as gold is a prestige issue. So, I buy once in a while when prices come down.”
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