New Delhi, May 11 -- Mumbai,

Bengaluru :

Even though Indian gold retailers sold less jewellery in the March quarter as soaring prices forced shoppers to cut back on purchases, higher rates helped prop up their revenues.

Jewellery buyers typically stick to fixed budgets, buying smaller quantities when prices are high, executives said. "When prices are low, the volume will be higher. When the prices are high, the volume will be lower," Ramesh Kalyanaraman, executive director at Kalyan Jewellers, said during the company's quarterly analyst call.

Gold prices hit an all-time high of approximately Rs.1,69,349 per 10g (24K) following the US-Iran war at the end of February, about 80% higher than the same period the previous year. On 11 May, t...