Fears of gold shortage in the physical market have gripped jewellers following a sharp rebound in demand amid the prices of the precious metal soaring to new highs daily in global and domestic markets.

With the gold prices skyrocketing every day, consumers are rushing to purchase jewels at the lowest possible price. “Gold is in demand more for investment than jewellery,” said N Anantha Padmanaban, Chairman of Chennai-based NAC Jewellers.

On Tuesday, gold prices gained ₹692 per 10 grams to close at another high of ₹1,19,941 per 10 grams in Mumbai spot market against ₹1,19,249 on Monday, according to Indian Bullion and Jewellers Association (IBJA) data. The yellow metal has gained ₹6,679 per 10 grams in last six trading sessions. On MCX, December gold futures increased to ₹1,21,090 per 10

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