New Delhi: Gold and silver buying on Dhanteras ahead of Diwali in India, the world’s largest gold consumer, was positive on Friday due to improvement in consumer demand. Traders and retailers expect sales volume to rise 20 percent from last year as prices soften from recent highs.
10 days ago Rs. 63,000 per 10 gm, compared to the high of 63,000 per 10 gm, the buying was driven by an increase in shops, brisk sales on online platforms and relatively low gold prices. During this period, light ornaments were sold significantly.
Gold price on October 28 was Rs. 63,000 from a high of Rs. 800-1,500 per 10 grams (24 carats). The price of gold in the national capital on Friday was Rs 61,200 per 10 grams. In Delhi, gold price on Dhanteras 2022 was Rs 50,139 per 10 grams excluding tax. Usually around 20-30 tonnes of gold is sold on the day of Dhanteras.
According to Drikapanchang, 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 Gems and Jewelery Domestic Council (GJC) Director Dinesh Jain told PTI, “Gold prices are favorable for trade. We expect total sales across the country to exceed 30 tonnes on Dhanteras. This is up from around 22 tonnes in the year-ago period. Estimated sales will be much higher.
Around 60 per cent of gold sales on Dhanteras are expected to come from South and West India, while the rest from the East and Northern regions. Jain said gold sales this Dhanteras will be much higher than last year as most jewelers have become organized retailers. Organized jewelery retail sales have grown from 10 per cent to 45 per cent in the last one year. This helps in obtaining authentic data on sales.
A GJC official said that the number of customers had increased since afternoon considering the auspicious time for buying gold and silver. In metros, customers went out for shopping after office hours.
All India Jewelers and Goldsmiths Federation National President Pankaj Arora said, “On Dhanteras, around 41 tonnes of gold and around 400 tonnes of silver ornaments and coins were sold in the country.” He said that the total turnover of gold, silver and other commodities across the country in terms of value is Rs. 30,000 crores.
Former GJC chairman Manish Jain said, “Prices have come down and consumer demand has increased. The number of customers is increasing.” He said customers are also buying gold and silver coins and silverware for worship. Devya Gagalani, research analyst (commodities) at Axis Securities said since Dhanteras last year, gold has given excellent returns of around 20 per cent, easily beating the returns of the Nifty 50.
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