Chandigarh: In the wake of government’s decision to ban Rs 1,000 and Rs. 500 notes, from Tuesday midnight until Wednesday afternoon, city beautiful people formed a beeline at jewellery shops, resulting in prices of precious metal zoom to Rs 45,000 per 10 grams here.
Interestingly, in a bid to convert their black money most of the people who bought gold on Tuesday night got it at a whooping price of 45, 000. However, the official rate last night was Rs 31, 750 per 10 gm.
“Currency ban turned out to be a jackpot for the big fishes of our business, as they sold gold at their own prices. Many of the friends who are known gold smith shared that they have sold gold ornaments at a at price of Rs 35 to 48 thousand,” said Surinder Kumar a jeweler from Manimajra.
“As people rushed to use cash stacked at home, number of jewellery houses stayed open till 11 pm on Tuesday to cater to the rush of clients. While on Wednesday also some came to get gold on hiked prices,” added Kumar.
The same scene was witnessed in the gold market of sector-22. Big names like PCJ Jewellers, Talwars, Gitnajali, Nikmala Jewellers etc were open till late night, reported some of the traders of the area. “The big fishes had a whopping businesses. We came to know that gold was sold at prices higher than Rs 40,000” said Ajay Kumar, a small trader. Meanwhile, on Wednesday the market remained closed as traders refused to make transaction in high value notes i.e.Rs 500 and 1000.
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