CHENNAI: After providing a bullish return for investors, gold is all set to be dearer for customers in the upcoming marriage season.
The yellow metal which stood at Rs 7,150 per gram on the new year has surged to Rs 7,390 per gram and the cost of the sovereign is likely to close around 60,000 in the days to come, informed market sources.
The silver had also gained around 5 per cent in the fortnight settling around Rs 103 per gram.
“As the muhurtham season has just started, the gold rate is anticipated to reach Rs 8,000 per gram by March and the investment in gold has already started pouring in. Margazhi month, a dull season is over and Thai month, considered to be an auspicious month for weddings has boosted the demand in the market,” explained Gold Guru Santhakumar, secretary of Madras Jewellers and Diamond Traders Association.
However, A Sankar, a goldsmith in Sowcarpet said that the rate increase is not profitable for them as the handmade gold has less demand.
Meanwhile, the consumers anticipating the gold rate increase owing to the marriage season, have invested in gold chit funds and pre-bookings.