Jalgaon: PM Modi’s Appeal Fails To Slow Gold Purchases; Bullion Market Continues To See Heavy Rush

Jalgaon: Prime Minister Narendra Modi’s appeal urging citizens to avoid purchasing gold for at least one year appears to have had little impact on buyers in Jalgaon, popularly known as the “Gold City.” Jewellery showrooms and bullion markets in the city continued to witness heavy crowds on Tuesday, especially during the evening hours.

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Jalgaon has long been recognised for its massive gold trade and strong customer demand for jewellery. Buyers and traders from nearby cities regularly visit the city’s bullion market to purchase gold and locally crafted ornaments, keeping the market busy throughout the year.

Despite the Prime Minister’s recent appeal, gold purchases continued on a large scale in the city. Although temperatures touched nearly 46 degrees Celsius during the afternoon, slightly reducing footfall for a few hours, customers returned in large numbers by evening to continue shopping.

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Jewellers said the ongoing wedding season has significantly boosted demand for gold ornaments. At the same time, rising global tensions and fears of further price hikes have also encouraged many people to invest in gold as a safer option.

Speaking about the situation, a well-known jeweller from the city said that while the Prime Minister had appealed to the public to avoid gold purchases, it may take some time before the actual impact of the appeal becomes visible in the market. The jeweller further stated that in Indian society, weddings are traditionally associated with gold purchases, making it difficult for people to completely stop buying jewellery.

Interestingly, gold prices have continued to rise even after the appeal. The bullion market remained bullish on Tuesday, with gold prices touching ₹1,56,900 per 10 grams.

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