A jewellery shop in Bhubaneswar. Telegraph picture

Bhubaneswar, Aug. 29: Twenty-six-year-old business analyst Ritisha Das is busy selecting gold ornaments for her November wedding. The rise in the price of gold compelled the family to complete jewellery shopping this month itself.

“I know the price will be sky-high in the coming months, especially during the marriage season. So we had to buy the jewellery first since shopping of other things for the trousseau can wait,” she said.

The corporate employee feels it would have been easy on her and her parents’ pockets had her big day taken place during the last wedding season that got over in July.

“There was a chance for the marriage to be held in July but I needed some more time. Who knew that there would be such a high increase in gold prices! Now, I’m regretting my decision,” she said.

While the families of brides and grooms-to-be can be seen hurrying to jewellery stores, investors in the city are also joining the gold chase. Defying all norms and popular belief, footfall of gold-consumers remain steady and impressive at jewellery showrooms across the city despite the steep rise in price.

Buyers here continue to purchase the precious yellow metal despite it being at an all-time high this month, hardly fluctuating from Rs 27,000 per 10 gm.

“People fear the price of gold may rise further in the coming months and especially during the marriage seasons. To be on the safe-side, they are purchasing gold beforehand. The buying power has not declined. People who were planning to buy 10gm gold earlier are now purchasing 7gm, but they continue to invest on the precious metal,” said Anshuman Hans, director of a jewellery showroom at Master Canteen.

Gold was priced around Rs 15,000 around this time last year. It has shot up by more than Rs10,000.

The entire world at the moment is going through a period of flux and insecurity, owing mainly to the volatile stock exchange. The value of gold has gone up 37 per cent in 20 months.

The yellow metal, however, remains the first choice for many who refuse to shift to any other precious metal or gemstones of the same price.

“The rising price is a worry, especially for middle-class people like us, but gold is always considered an asset and is a good investment. Other metals and gemstones do not have the same return value that gold has. If the price rises in future, we will gain,” said Shyamaprasad Behera, a gold-investor.

“Even a year back, diamonds were the biggest competitors for gold. But this July, there has been a 30 per cent rise in diamond price, making gold the first choice for the customers. Right now, many customers are showing interest to invest in gold, ” said Ajit Praharaj of a jewellery shop in Kharavela Nagar.

Sellers predict further rise in the price of gold during Diwali and especially on Dhanteras. The price is expected to cross the Rs 30,000 mark during the festive season.

“Considering the economic turmoil worldwide, it is difficult to estimate when this instability and price rise will come to a halt. If the trend continues for a long-period, we will definitely face a slide in customers,” said Surendra, owner of a jewellery showroom on Janpath Road.