Consumers in Gujarat are opting to sell their gold jewellery rather than invest in gold, as gold prices continue to soar. At present, gold is valued at Rs.11,500 per 10 grams, which was 6,000 per 10 grams.

The sale of gold has dipped by 50% in volume, from the 13,000 kg a month sales witnessed generally. The sale touched only 6,500 kg per month, reports Indo-Asian News Service. The objective of purchasing gold has shifted from investment to one of meeting social obligations. The dip in sale of gold has been effective since Diwali, 2007, the season when gold sales in generally at its peak.