Hyderabad (Telangana) [India], Feb 28 : A jeweller in Hyderabad has said that increase in prices of gold is related with the outbreak of coronavirus in China and its spread across the globe.
Avinash Gupta, from Amraj Musaddilal Jewellers here, told , "The increase in gold prices is due to spread of coronavirus. The disease is impacting the economies across the globe. Gold is considered as hedge fund and people are buying gold. Hence, the prices are increasing."
"There is not much the government can do as the prices are determined internationally. The least they could do is to decrease import duty on gold," he added.
One of the customers, Priyadarshini said, "The government should act to reduce the price of gold. It should be so much that people could afford it if they want to."
In Gujarat's Surat, a jeweller, Deepak Choksi said, "In the last four months, there is a rise in the gold and silver market. The reason was a trade war between China and the US, but nowadays the coronavirus has also influenced it."
"So in the up and down cases, people want to invest in gold. Therefore, the sale of gold is on the rise in the western countries resulting in the increase of gold prices," he said.
( With inputs from ANI )