Mumbai : The festival of Dhanteras is being celebrated across the country today. Often people buy gold or silver jewelery or utensils on this day. However, after the skyrocketing prices of gold and silver, less sales are expected during Dhanteras. Dhanteras morning has proved to be dull for jewelers, however, jewelers are still hopeful of increasing footfall and sales. Due to increase in the price of gold, its demand may decrease.
Chairman of All India Gems and Jewelery Domestic Council, Sanyam Mehra told 'PTI-Bhasha' that being a working day, less number of people were seen in the morning because people go to office at this time. However, we fully expect the number of customers to increase from 2-2.30 pm to late evening. He said that high gold prices will have a direct impact on sales. The business on this Dhanteras is expected to be 5 percent less than last year or equal to last year.
Effect of high prices on sales
The occasion of Dhanteras is considered an auspicious day for purchasing precious metals, gold and silver jewellery. He has said that we expect sales of 20 tonnes this Dhanteras, which is equal to last year. However, higher gold prices may have a direct impact on sales.
Also read: Stock market stalled on Dhanteras, Sensex and Nifty fell.
Silver at all time high level
In the national capital Delhi, the price of gold fell by Rs 400 on Monday to Rs 81,100 per 10 grams. The price of gold of 99.9 per cent and 99.5 per cent purity had reached its all-time high of Rs 81,500 and Rs 81,100 per 10 grams respectively on Saturday. However, silver remained steady at Rs 99,500 per kg.
Gold continues to shine
Chairman of the Eastern Region Export Promotion Council for Gems and Jewelery (GJEPC) has said that even amidst global uncertainties and geopolitical situations, gold continues to shine, while silver has become popular as an affordable option.
silver overtakes gold
Motilal Oswal Financial Services Limited or MOFSL, however, estimated that silver prices could potentially overtake gold. MOFSL estimates that silver on MCX may reach Rs 1,25,000 within 12-15 months due to industrial demand and buying for safe investment. Whereas gold is estimated to reach Rs 81,000 to Rs 86,000 respectively.
(with agency input)
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