Hyderabad: Despite the prices of gold soaring to a high of Rs 1,26,070 per ten grams on Wednesday, the spirit of buyers doesn’t seem to go down as hundreds of people including men, women and elderly are lining up right from 7 in the morning near a jewellery shop at Siddiamber Bazar to acquire a piece of the precious yellow metal.
The festive spirit, upcoming marriages, future investments and fear of gold prices going beyond reach are the reasons driving the buyers to rush towards a popular jewellery shop in the Old City. Crowds began gathering near one of the city’s busiest jewellery outlets. Men, women, and young buyers could be seen waiting patiently, some looking visibly tired after standing for hours.
Yet, the excitement and eagerness in the air outweighs the fatigue.
The continuous rush has been going on for nearly a month, with more than a thousand people having already purchased gold from the same location. Several buyers expressed that the high prices have not deterred their plans.
“It’s Diwali time. We buy gold not just as jewellery, but as tradition and good fortune,” said Vijaya Laxmi, waiting in line with her family.
Another man shared that he was purchasing gold for his daughter’s upcoming wedding, saying that “Festival and family occasions matter more than the rates.” A young buyer Uday Kumar also joined the queue, describing gold as a “safe and long term investment”, despite its soaring cost. According to locals, this kind of rush has rarely been seen before, with both men and women braving the long lines each day to make their purchases.
