Before Diwali, Dhanteras saw a surge in gold and silver sales on Friday and the demand for coins and light jewelery was high during the financial crisis and gold being costlier due to the Kovid-19 epidemic.
Traders said most customers had booked in advance for fear of a Corona virus infection and took their order on Friday, while some are shopping safely through online brands such as Tanishq and Mellorra. Those who cannot buy these precious metals, they are buying steel utensils on the occasion of Dhanteras festival being celebrated for two days this year. Dhanteras is considered an auspicious day for buying gold, silver and other valuables and this festival is celebrated on a large scale in North and West India.
In Dhanteras, the price of gold at present is more than Rs 50,000 per 10 grams, compared to Rs 38,096 per 10 grams last year. Chairman of All India Gems and Jewelery Household Council, Anant Padmanabhan said that people are watching the movement since morning. However, with Friday being the working day, it is expected to pick up by the evening.
Somasundaram PR, managing director (India) of the World Gold Council said that there were mixed reactions since Thursday evening, but today the atmosphere is much better. There is a need to wait for whether it will be able to turn into sales. Somasundaram further stated that due to the Kovid-19 epidemic, there has been a huge change in the behavior of consumers and this time there is more demand for coins and bars through online sales platforms. He added that with gold ETFs and sovereign gold available, the investment expenditure is expected to be higher.
Saroja Yermilli, founder and CEO of Bangalore-based online jewelery brand Melorra, said, “We were expecting a 30 percent increase in sales, but we achieved 90 percent growth yesterday. We still expect good sales today. Kumar Jain of UT Jhaveri in Sarafa Bazar, Mumbai said that a large number of people have been coming since morning and most people are buying wedding related jewelery, coins and silverware.
Latest Gold Price: Gold prices change before Diwali, this is the rate in bullion market today