India, Jan. 31 -- On Friday afternoon, Mayur Jain found himself idly watching a street-side scuffle between a handcart puller and a biker from behind the glass doors of his jewellery shop on Dagina Bazaar lane in Zaveri Bazaar. On most days, Jain is busy handling customers, but a slump in footfalls has forced his gaze to the street.

After Thursday's record spike in bullion prices - gold came close to Rs.2 lakh per 10 gm and silver breached Rs.4 lakh per kg - the lull in Zaveri Bazaar was pronounced on Friday. Prices of the precious metals had tumbled - gold was Rs.1.60 lakh per 10 gm and silver Rs.3.38 lakh per kg - but customers were yet to recover from the previous day's jolt, preferring to wait and watch.

Zaveri Bazaar is the bustlin...