Gold touches Rs 50,000 in Mumbai black market : The Tribune India

Gold touches Rs 50,000 in Mumbai black market

Mumbai: Panic buying of gold coins and jewellery against cash since Tuesday night has pushed up the unofficial prices of the yellow metal to Rs 50,000 per 10 grams.

Gold touches Rs 50,000 in Mumbai black market

Sales persons wait for customers at a jewellery showroom in Chandigarh on Wednesday. REUTERS



Shiv Kumar

Tribune News Service

Mumbai, November 9

Panic buying of gold coins and jewellery against cash since Tuesday night has pushed up the unofficial prices of the yellow metal to Rs 50,000 per 10 grams.

“Since Tuesday night buyers have been coming to buy gold jewellery with bag loads of cash,” said a jeweller at Zaveri Bazaar in South Mumbai, the hub of India’s gold trade.

Sources said buyers were picking up small pieces of jewellery since they need to produce their PAN number for purchases above Rs 2 lakh. “Many buyers are splitting their purchases into smaller value bills to avoid declaring their purchases to the Income tax authorities,” a jeweller said.

Panic buying began on Tuesday evening as soon as Prime Minister Narendra Modi came on television to announce demonetisation of Rs 500 and Rs 1,000 notes. Many jewellers stayed open till midnight as word spread of the demonetisation drive. Most buyers at Zaveri Bazaar on Tuesday and even early Wednesday hailed from the mercantile Gujarati and Marwadi communities living nearby, said traders. Meanwhile, official prices of gold went up to a three-year high of Rs 31,750 per ten grams gaining Rs 900 overnight.

Top News

Rs 5,551-crore FEMA violation: ED issues show-cause notices to Xiaomi, 2 senior executives, 3 foreign banks

Rs 5,551-crore FEMA violation: ED issues show-cause notices to Xiaomi, 2 senior executives, 3 foreign banks

Xiaomi accused of ‘unauthorised’ remittance of this amount i...

Live-in partner’s murder: Police say they were married; accused claims she committed suicide

Mumbai murder accused, victim were married; he claims she committed suicide: Cops

Sane also allegedly told interrogators that he was HIV-posit...

3 dead, many feared trapped in illegal coal mine collapse near Dhanbad

3 dead, many feared trapped in illegal coal mine collapse near Dhanbad

Many local villagers were engaged in illegal mining when the...

CBI forms SIT to probe Manipur violence, takes over probe

CBI forms SIT to probe Manipur violence cases, re-registers six FIRs referred by state

A DIG-rank officer to probe six Manipur violence cases refer...

Delhi Police take woman wrestler to WFI chief Brij Bhushan's office in national capital as part of probe

Delhi Police take woman wrestler to WFI chief Brij Bhushan's office in national capital as part of probe

Sports Minister Anurag Thakur had assured protesting wrestle...


Cities

View All