This Diwali, purchases of gold and silver fell by 30 percent, consumption half of the estimate.
Decline in sales of gold and silver: The precious metals market remained dry this year due to Dhanteras and Diwali due to record high prices of gold and silver. The average purchase of gold and silver on Dhanteras has decreased by 30 percent compared to last year. According to the Indian Bullion Jewelers Association, 35 tonnes of gold has been sold this year. Which was 42 tonnes last year. However, compared to last year, silver sales have increased by 30 percent.
Confederation of All India Traders has increased the price of gold and silver by Rs 200 across the country on Dhanteras this year. It was estimated that the turnover would be Rs 60 thousand crores. Which increased to Rs 500 by Diwali. There was a possibility of 1 lakh. Although this time Dhanteras has been celebrated for two days, the consumption has been less than half of the expected.
Gold reached new record high yesterday
There has been a rise in the prices of gold and silver in Ahmedabad bullion market since Dhanteras. Tomorrow gold will cost Rs. Increase to Rs 800. Rs 82300 per 10 grams touched new high. Silver Rs. Increase to Rs 1500. 99000 per kg was being quoted. Money in gold from thirteen till now is Rs. And Rs 1300 in silver. The surge of 2000 has already been recorded.
purchase worth 22500 crores
This year there has been a decline in sales in terms of volume due to high prices of gold and silver. But this figure is remarkable considering the price. This year from Dhanteras till now a total of Rs. Gold and silver worth Rs 22500 crore has been sold. In which a day Rs. Gold worth Rs 20 thousand crores has been purchased.
Attractive rise in silver spurred buying
Silver is currently worth Rs. Reached the highest level of Rs 1 lakh per kg. Keeping this in mind, commodity experts estimate that in the next six to 12 months, silver will reach Rs. The level of Rs 1.50 lakh per kg has shown optimism. Due to this rise, the demand for silver compared to gold has increased by 30 percent. It is estimated that silver worth Rs 2500 crore was sold on the day of Dhanteras.
RBI also made purchases on Dhanteras
The Reserve Bank of India (RBI) has also transferred 102 tonnes of gold from London to India on the occasion of Dhanteras. At the end of September, RBI had a total of 855 tonnes of gold, out of which 510.5 tonnes is in the country. The rest of the gold is safe in gold lockers in England.
Comments are closed.