HomeBusinessDhanteras lost its shine, gold and silver sales fell by 35 percent

Dhanteras lost its shine, gold and silver sales fell by 35 percent

The high prices and the economic difficulties caused by the Kovid-19 epidemic caused the glow of Dhanteras to fade this time. On the second day of Dhanteras before Diwali, gold and silver sales are expected to fall by 35 per cent on Friday. Consumers showed interest in doing most of the shopping online this time. Jewelry traders gave information about this. He said that most of the purchases were limited to light jewelery, coins and precious metals. This was due to decrease in purchasing power of the people and higher gold prices.

Online shopping is preferred

Fearing a Corona virus infection, most customers had already booked orders and were seen taking delivery of the marital jewelry on Friday. Some customers preferred online shopping from brands such as Tanishq and Melora for safety. Traders said that those who were not able to buy precious metals, they bought steel utensils. 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.

Gold is more expensive than 32 percent

On the occasion of Dhanteras, the price of this sala gold was Rs 50,425 per 10 grams, compared to Rs 38,096 per 10 grams last year. Thus, the prices are higher than 32 percent this year. Similarly, the price of silver is also running above Rs 62,000 per kg. Anant Padmanabhan, president of the All India Gems and Jewelry Household Council, told PTI, “Retail movement across the country has increased customer movement in the latter part of the day but it remained low last year due to fear of Kavid-19 .

Also read: What is the time of Muhurat trading in BSE, NSE and MCX, know here

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 there has been a huge change in the behavior of consumers due to the Kovid-19 epidemic and this time there is more demand for coins and bars through online sales platforms. Expenditure is expected to be high.


Must Read
Related News