Dhanteras gold and silver purchases surge, sales up by 20%, turnover value over Rs 30,000 crore

On average, Dhanteras witnesses the sale of about 20-30 tonnes of gold, marking it as the most auspicious day in the Hindu calendar for purchasing precious metals and utensils

Mumbai: The Dhanteras shopping spree for gold and silver gained momentum when Diwali celebrations began, with traders and retailers anticipating a sales surge of up to 20% compared to last year. This rise is attributed to the recent softening of prices from their peak.

Stores experienced a higher footfall, complemented by brisk online sales and relatively softer gold prices. Prices have dropped from the peak of Rs 63,000 per 10 grams observed over two weeks ago, and this has encouraged increased purchases, especially in lightweight offerings.

Dip in gold prices boosts buying activity

Gold prices have witnessed a decline of Rs 800-1,500 per 10 grams (24 carats) from the peak level on October 28, reaching Rs 61,200 per 10 grams in the national capital. This contrasts with the Rs 50,139 per ten grams, excluding taxes, recorded on Dhanteras last year.

On average, Dhanteras witnesses the sale of about 20-30 tonnes of gold, marking it as the most auspicious day in the Hindu calendar for purchasing items, ranging from precious metals to utensils.

This year, All India Gem And Jewellery Domestic Council (GJC) Director, Dinesh Jain, anticipated total sales to exceed 30 tonnes nationwide, surpassing the roughly 22 tonnes estimated for the same period last year.

“On Dhanteras, about 41 tonnes of gold and about 400 tonnes of silver jewellery and coins were sold in the country,” according to Pankaj Arora, National President, All India Jewellers and Goldsmiths Federation. In terms of value, the total turnover of gold, silver, and other items is estimated to be Rs 30,000 crore across the country,” he added.

Courtesy: livemint.com