The price of gold in the capital on Saturday was Rs 50,139 per 10 grams before tax, well above Rs 47,644 per 10 grams on Danteras Day 2021. Usually 20-30 tonnes of gold is sold on Dhanteras Day.
The two days of gold and silver buying ahead of Diwali Dhanteras got off to a positive start on Saturday. Some major jewelers and industry groups expect demand to pick up further by Sunday, with sales reaching 20% of last year's level. Rising gold prices have not stopped consumers from shopping on Dhanteras, considered the most auspicious day in the Hindu calendar for purchasing items ranging from precious metals to daily necessities and other valuables.
The price of gold in the capital on Saturday was Rs 50,139 per 10 grams before tax, well above Rs 47,644 per 10 grams on Danteras Day 2021. Usually 20-30 tonnes of gold is sold on Dhanteras Day. “We anticipate gaining momentum in the evening and into tomorrow as Danteras stretches over the weekend this year,” Ashish Pete, chairman of the All India Gems and Jewelery National Council, told PTI.
He added that Dhanteras had a good market reaction on the first day and is likely to continue on Sunday. When asked about expected growth, Pethe said: However, in terms of volume, this is likely to be at last year's level," he said.
World Gold Council Regional CEO Somasundaram PR of India said local demand will be key if sales surpass last year's number of dhanteras and wedding seasons. "This year has not benefited from the subdued demand and increased lockdown savings that helped last season record demand," he said.
In addition, inflationary purse strings, tariff hikes and the devaluation of the INR have offset the impact of falling global prices, with gold prices in India fluctuating around 50,000 rupees per 10 grams, Somasundaram said. increase. Among jewelers, Ramesh Kalyanaraman, executive his director of Kalyan Jewelers, said:
Shubh Muhurat is preparing for longer opening hours starting tonight, he added. You are choosing to buy tokens. With the upcoming wedding season, we're getting a good response to the heavier designs from our wedding collection.
Overall, he expects consumer sentiment to be positive as Dantera spreads over the weekend. Bachhraj Bamalwa, a founding partner of his Kolkata-based Nemichand Bamalwa and Sons Kolkata, said the response so far has been positive. Traffic at his four of our showrooms has been very good so far, with people buying gold and silver coins rather than jewelry. “Compared to the previous Danteras, this time he expects sales volume to increase by 15 to 20 percent,” he said.
In Maharashtra, Saurabh Gadgil, chairman and managing director of PNG Jewelers, said attendees were expected to attend from mid-morning as people come to pick up pre-ordered jewellery, or purchase gold and silver coins. said very good. "Overall, we expect a good Danteras this weekend," he added.
According to the Confederation of All India Traders (CAIT), this weekend's spread of Dhantera will generate around Rs 40,000 in trading due to positive consumer sentiment. Pankaj Khanna, Chairman of Delhi-based Khanna Gems, said: ...offline sales were up 20% year over year and online sales were up 15%. ”
Total gold sales are expected to increase by 25% this time, he added. Suvankar Sen, managing director and CEO of Senco Gold and Diamonds, said there has been a lot of good news since Friday. “Also, this year he expects Dhanteras to be very good as it will take place over the weekend. Attendance has been stable since the morning, mostly related to pre-orders.” he said.
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