While the stock markets crashed on November 9, the Gold market sales took a leap upwards as rumor mill started to go on an overdrive with regards to Rs. 500 and Rs.1000 notes.
Representational Image. Rediff
The move resulted in people from all across India rushing to jewelry stores, especially in Delhi, Mumbai, UP and Uttarakhand where one saw a huge rush with shops remaining open till late night.
These jewelers though denied accepting money that had by then been declared illegal the previous day.
There were though few who suggested that many traders sold gold at a higher premium and market rate than the current rate which was of Rs 30,000 per 10gm.
Representational Image. Reuters