On a quiet afternoon at the Gold Palace jewellers in downtown Bengaluru, shopkeeper Shaik Ameen grumbles about lacklustre trading as Indian families cut back on pre-wedding purchases due to sky-high bullion prices.
Before gold hit fresh records, 29-year-old Ameen, who helps run the store with his father, said about half of the roughly 50 daily walk-in customers could be counted on for a sale. That level is now down to about one-quarter.
“People have stopped buying,” said Ameen. “A person who could afford to buy around 100 or 200 grammes has just shifted to like 50 to 60 grammes.”
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