Gold Price: Record in gold sales on Dhanteras, business expected to remain bumper even today

Dhanteras Gold Price: Gold and silver sales rise on Dhanteras (PTI)

Celebrated over two days of the weekend (Saturday-Sunday) Dhanteras The festival got off to a good start on Saturday as buyers started flocking to the markets. Dhanteras on the day before Diwali gold and silver It is considered an auspicious day for buying. On Saturday, a large crowd of people was seen in the markets and customers were seen waiting for their turn at the gold and silver shops. Dhanteras shopping is to be done on Sunday also, so even today a large crowd of customers can be seen in the markets.

Big jewelery traders and industry body have predicted that demand will increase further on Sunday and sales on Dhanteras may be 20 percent higher than last year.

Despite the high prices of gold, customers made purchases on Dhanteras. On Saturday, the price of gold in Delhi stood at Rs 50,139 per ten grams (tax not included). Last year, ten grams of gold was at a price of Rs 47,644 on Dhanteras. Generally 20-30 tonnes of gold is sold on the occasion of Dhanteras.

Ashish Pethe, president of the All India Gems and Jewelery Household Council, told PTI, “From the beginning of the day, the crowd of people kept on gathering. This year Dhanteras is being celebrated in the weekend, we expect that the shopping will increase in the market. Pethe said, in terms of value, the increase may be five to ten percent more because the price of gold is also five percent higher as compared to 2021.

Sales pick up from 3-4 days

The buying has been good for the last three-four days and the sales are seeing a boom. He said that the industry is expecting good business in two days. Saurabh Gadgil, Chairman and Managing Director, PNG Jewelers said that the number of people in Maharashtra has been very good since morning. People came either to get their pre-booked jewelery or to buy gold and silver coins.

Vaibhav Saraf, director of Uttar Pradesh-based Aishpra Gems and Jewels, said that after two years, this time there is hope for a good Dhanteras. All India Gem and Jewelery Domestic Council vice-president Saiyam Mehra said that Zaveri Bazaar in Mumbai is witnessing a rush of people and will increase further on Sunday.

Weekend benefits to shopkeepers

Suvankar Sen, Managing Director and CEO, Senco Gold & Diamonds said that since Friday there has been a lot of bullish atmosphere in the market. He said, since this year Dhanteras is falling on the weekend, so we expect it to be very good. Ramesh Kalyanaraman, Executive Director, Kalyan Jewelers said, “With strong advance bookings, a large number of customers are expected to visit all the showrooms, especially in the non-south markets.

Expected sales of 40,000 crores

On the other hand, the Confederation of All India Traders (CAIT) said on Saturday that a business of around Rs 40,000 crore is expected on the weekend and the two-day long Dhanteras festival. Dhanteras, which comes before Diwali, is considered auspicious to buy new items, especially gold, silver jewellery, all kinds of utensils, vehicles, clothes and readymade garments, electronics, electrical items etc. This year Dhanteras has come on the weekend, whose Muhurta is from 2 pm on Saturday to 6 pm on Sunday.

CAIT national president BC Bhartia said in a statement, the two-day festival of Dhanteras is expected to generate a turnover of around Rs 40,000 crore. Pankaj Arora, National President of All India Jewelers and Goldsmiths Federation said that there is a lot of enthusiasm among the jewelery traders across the country regarding the sale on Dhanteras on Saturday and Sunday and for this the industry has made elaborate preparations. He said that there is also a demand for artificial jewelry which is also visible in the markets this year, while there is a possibility of buying a large number of gold, silver coins, notes and idols on Dhanteras.