Business: Despite the record jump in prices, good sales of gold are expected on Dhanteras this year. Bullion traders say that in view of global economic challenges and the possibility of price rise, people want to buy gold for investment. However, this time the demand for heavy gold jewelery seems to be less. The sale of gold coins and bars is expected to be higher along with light jewelery which looks heavy.
Surendra Mehta, general secretary of the Indian Bullion and Jewelers Association, said, last year on Dhanteras, gold was Rs 81,400 per 10 grams, while on Friday it reached a record high of Rs 1,34,800. That means gold has become costlier by Rs 53,400 (65.60 percent) in one year. Despite this, 39 tonnes of gold is estimated to be sold across the country this Dhanteras. This figure is 11.42 percent more than the 35 tonnes of gold sold on the last Dhanteras. In terms of value, this time it is estimated that gold worth Rs 50,700 crore will be bought and sold. 42 tonnes of gold was sold across the country on Dhanteras in 2023 and 39 tonnes in 2022.
High demand for light jewelery
Colin Shah, Managing Director, Cama Jewellery, said, from the point of view of aesthetics and adornment, the demand for light jewelery which looks heavy is good. Sales of gold jewelery ranging from 9 carat to 18 carat will be better this time.
Jewelery sales may decrease by 30 percent
Surendra Mehta said, after the current rise, people will buy gold for investment this Dhanteras as prices are expected to rise further in future. Sales of gold coins and bars may increase by 25-26 percent. However, jewelery sales may decline by 25-30%.
Attractive offers in all major markets
The effect of reduced GST rates is visible on the purchase of gold, silver, utensils and coins in Delhi markets. Major markets like Chandni Chowk, Lajpat Nagar, Rajouri Garden, Sarojini Nagar, Nehru Place, Saket and Karol Bagh are expected to be crowded. Many brands are offering attractive discounts.
