Mumbai/Chennai, Apr 27 (): Gold prices in the international market have seen a recovery in the closing week. In the retail market has seen a higher recovery due to increased buying. As the price increased, buying has slumped in Chennai markets.
Earlier there was a shortage of the metal but at the start of the week this was solved. Other commodities that lost have not been able to recover like gold. Almost all commodities fell by 15% with US stocks being more lucrative than gold and China economic growth not robust, these commodities dropped.
Gold prices slide has sent Indians, the biggest buyer of these metal, into a buying spree. This has led to recovery of gold in the domestic market. Even though European banks were said to be contemplating selling gold reserves, non-European banks have started buying.
Gold prices have jumped now after huge demand from consumers across markets internationally and reports of non-European central banks adding gold to their reserves. Several institutions also gave buy calls as gold prices fell sharply last week.
Silver has in two days shown a reverse. This week gold prices in the Mumbai market showed a rise of 6% after it fell by 11.1 per cent to touch Rs 25,000 from Rs 28,890 for 10g. Silver recovered 4% after it had fallen 15 per cent to sell at Rs 46,435 a kg. Gold imports till April slumped by 12%. Crude oil and copper have not recovered.
Despite gold prices crash, Chennai based NAC Jewellers, one of the oldest jewellery store-room, famous for its pure gold, silver, diamonds and excellence in design, signed Actress Trisha Krishnan as its official brand ambassador.
NAC was operating from the shop in Luz Church road in Mylapore has now opened their first store in T Nagar’s North Usman Road spread over 15,000 sq.ft offering. It has been the latest addition to the various big time jewellery stores in this part of the city.
In the next two years, NAC will be expanding with over 50+ stores. Trisha said that she was a fan of NAC designs and since it epitomizes, tradition, grace and dignity, she felt that she is a natural fit for the brand NAC Jewellery.
T Nagar is a mecca for those shopping for gold jewellery and a study says around Rs10, 000 crore is sold. NAC new store has a section for kids’ up to 12 years named Young Ones.