Despite price rise, gold shines on festive sales

Nashik: The gold jewellery market got a boost on the auspicious occasion of Ganesh Chaturthi on Monday, despite a rise in prices.

People bought various artefacts made of silver and gold for Ganesh idols and flocked different jewellery outlets on Monday morning and evening. The demand was mostly for silver-made modak, flowers, different type of necklaces.

“I was here to buy silver made crown for my household Ganesh idol on the occasion of Ganesh Chaturthi. I purchase few articles during Ganesh festival every year,” said Ravi Salunke, city resident. 

The gold prices were recorded at Rs 37,600 per 10 grams on Monday, against Rs 31,500 per 10 grams around two months back. The silver prices were recorded at Rs 4,700 per kg on Monday, against Rs 37,000 per kg around two months back.

Jewellers said people have again started buying gold jewellery after a lull of nearly two months. Jewellers said they are experiencing the rush of people for the past two-three days as the Ganesh festival neared.

“The jewellery market in the district had become stagnant in the past due to a rise in gold and silver prices for almost two months. The Ganesh festival has given a boost in the jewellery market,” said Rajendra Odhekar, an office-bearer of Nashik Jewellers Association.

“There has been rush of customers in city jewellery outlets for the past three days in view of the Ganesh festival. The customers flocked the jewellery outlets on Monday on the auspicious occasion of Ganesh Chaturthi to buy various silver made articles for Ganesh idols,” said Odhekar.

Some citizens also chose to make the purchases for upcoming weddings on the auspicious occasion. “We had some customers that made wedding purchases of gold jewellery on the auspicious occasion of Ganesh Chaturthi,” said a jeweller.

Around 1,200 of total 5,000 jewellery shops in the district are located in the limits of Nashik Municipal Corporation (NMC). There are 350 shops at the major jewellery market of the city known as Saraf Bazaar.

Courtesy: Economic Times