Jalgaon (Maharashtra): Jalgaon is supposed to produce the purest form of gold and that's how it came to be known as the Gold City (Suvarnnagari).
However, in a drought-like situation the gold market in Jalgaon is witnessing recession specially after the recent hike in gold rates.
The low demand for gold due to drought in Maharashtra has a severe impact on its sale. Customers are not keen to buy as the gold rate has touched Rs 34,400 per 10 gms.
For the past three days, the gold rate has increased by Rs 1,000 per 10 gms.
Going by the market trend gold rates fall after the Aksha Trutiya Festival, but this year the rates are on the rise.
Shopkeepers are worried about their business as the number of customers for buying gold has declined. They say that this is due to the dollar is becoming stronger than Indian Rupees.
Also read: Gold rises Rs 280 to Rs 34,300 on firm global cues
One customer said, “I don't know the increased rate of gold, but now I've cancelled the decision to buy gold. Similarly, another customer said, “I will buy gold only if its prices decrease.”
