Dhanteras: Increase in gold sales on Dhanteras before Diwali in India
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New Delhi. In India, the world’s largest gold consumer country, purchases of gold and silver on Dhanteras ahead of Diwali remained positive on Friday due to softening of gold prices and improvement in consumer demand. Gold prices fell to Rs 800-1,500 per 10 grams (24 carat) from a high of Rs 63,000 on October 28. This gave a boost to shopping on Dhanteras, which is considered the most auspicious day in the Hindu calendar for purchasing precious metals and other items.
Traders expect that gold sales will surpass last year’s level. Gold prices fell by Rs 400 to Rs 60,950 per 10 grams in the national capital on Thursday. Gold prices in Delhi on Dhanteras 2022 were Rs 50,139 per 10 grams, excluding taxes. In normal years, about 20-30 tonnes of gold is sold on Dhanteras. Traders said that the number of customers is expected to increase after 12 noon, which will continue till late night. According to Drikpanchang, the best time to buy silver and gold on Dhanteras will start at 12:35 pm on Friday and end at 1:57 pm on November 11.
All India Gem and Jewelery Domestic Council (GJC) Director Dinesh Jain told PTI, “Gold prices are favorable for business. We are expecting good sales today. We are getting positive response from consumers and the number of customers is gradually increasing.” He said that due to falling diamond prices, the young generation is buying light weight jewelery and some people are buying gold and silver coins. “We are expecting good sales this Dhanteras,” said Jain, managing director of Mumbai-based PM Shah & Company Jewellers. How the sales turned out will be known only by the evening.
PM Shah & Company Jewelers has five shops. “Prices have come down and consumer demand has increased,” said Manish Jain, former chairman of the All India Gems and Jewelery Trade Federation. The number of customers is increasing, he said, adding that consumers are buying gold and silver coins and even silver utensils for puja. Deveya Gaglani, Research Analyst (Commodities), Axis Securities, said that since Dhanteras last year, gold has given excellent returns of about 20 percent, easily beating the returns of Nifty 50.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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