Due to the recent hike in gold prices in International Market, the gold ornaments and jewel prices in local markets have also gone high up. As a result the number of customers has decreased despite the increasing weddings in the country.
On Saturday the prices of the gold has increased third time in the last week and the price has reached to the level of Rs 40,000 per tola. This increase in gold price has resulted into reduced profits to the jewelers as they booked the customers’ orders on less rates and this increase in rates in international markets has either reduced their profit margins; and some cases they have suffered losses as well.
Due to this sharp rise, in prices of the gold the people are switching on buying the artificial jewelry or buying lesser gold jewels.