Rising prices deter gold buyers in Kolkata

Kolkata, Mar 2 (ANI): The rising gold prices have proved a deterrent to buyers of ornaments in Kolkata.

A four-day matrimonial fair saw people from all over the city thronging the venue to buy gold, but the high prices left the people disappointed.

"The global slowdown has become a big problem. It is a problem for middle class families like us. We are forced to cut down our budget because of the price hike in gold which is an important element of our weddings," said Arindam Day, a customer.

The organizers said that according to the latest figures available, there was an increase in the average gold price.

"The average gold price has increased. I currently it is Rs 15,100 per gram in Kolkata. That is the latest figure available," said Sabyasachi Basu, an organiser.

India, which annually buys 500-700 tons of gold, had imported 23 tons in last February.

Prices in India have hit a record high over the past few weeks, partly reflecting a sharp depreciation in the value of the rupee that has made dollar-priced gold costlier. (ANI)