Close X
Friday, November 1, 2024
ADVT 
India

Dhanteras 2018: Gold Sales Subdued Amid High Prices

Darpan News Desk IANS, 05 Nov, 2018 01:50 PM
     
    Gold and jewellery sales in the morning trade remained subdued this Dhanteras Monday owing to sluggish demand from consumers amid high prices, according to industry players. However, organised players like P C Jewellers are expecting better sales later during the day as quality and better designs at competitive prices are likely to attract more footfalls.    
     
     
    Unorganised jewellery players in India -- the world's second biggest buyer of the precious metal -- make up for roughly 70 per cent of the country's gold sales. Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables and is largely celebrated in northern and western parts of India.
     
     
    "Footfalls are good but sales are moderate so far. Till few days back, we were thinking gold demand on the day of Dhanteras would be down 10-15 per cent, but looking at the pre-booking and footfalls, there should be least 5-7 per cent jump in sales today," All India Gems and Jewellery Trade Federation (GJF) Chairman Nitin Khandelwal told.   
     
     
    Both gold and silver are being purchased. Most buyers are restricting their purchase to tokens as gold prices are ruling high over Rs. 32,000 per ten grams, he said.   
     
     
    Gold prices are ruling at Rs. 32,690 per 10 grams on Monday in the national capital as against Rs. 30,710 per 10 grams on the Dhanteras day in 2017.    
     
     
    According to Delhi Bullion Association's Surender Jain, gold demand is sluggish because of higher prices. Consumers are buying gold and silver coins.    
     
     
    Stating that the market is subdued, gold refiner MMTC-PAMP India Managing Director Rajesh Khosla said: "There is a general reluctance to enter the market. Much of our demand for coins is from corporate this time."    
     
     
    Ideally, gold rates should have been around Rs. 30,000 per ten grams, but the prices are ruling over Rs. 32,000 per ten gram because of rupee depreciation.
     
     
    "The market is not able to adjust the increase of Rs. 2,000 per ten gram," he added.    
     
     
    P C Jewellers chief operating officer R K Sharma said the company expects better sales this Dhanteras when compared to the last year on the same day.At its stores, maximum gold jewellery is being bought, while 25 per cent is diamond jewellery. Some are buying wedding jewellery on this auspicious day, he added.    
     
     
    More footfalls are expected later during the day as many consumers will enter the market after the office hours. The buying today will continue till late night, he added.    
     
     
    Meanwhile, state-run Bureau of Indian Standards (BIS) has urged consumers to buy only hallmarked gold from its licensed outlets to ensure guarantee of purity or fineness which is consumers' right.    There are more than 4 lakh jewellers in the country. Around 22,000 jewellers have taken hallmarking licences so far.

    MORE India ARTICLES

    Dehradun Schools Denying Admission To Girl Who Was Raped, Allege Parents

    Dehradun Schools Denying Admission To Girl Who Was Raped, Allege Parents
    As per the complaint, the girl's parents approached a couple of schools but she was denied admission, Senior Superintendent of Police Nivedita Kukreti said.

    Dehradun Schools Denying Admission To Girl Who Was Raped, Allege Parents

    Model Files Rape Complaint Against Suspended Chandigarh Police Officer

    A case has been registered against a Chandigarh Police sub-inspector for allegedly raping a 25-year-model from Mumbai, the police said today. The survivor has alleged that the accused has objectionable photos and videos of her.

    Model Files Rape Complaint Against Suspended Chandigarh Police Officer

    'Harassed' Husbands Burn Effigy Of Ravana's Sister Surpanakha On Dussehra

    Burning effigies of Ravana is a common practice on Dussehra, but some "harassed" husbands celebrated the festival here in a slightly different way — by burning an effigy of Surpanakha, sister of the mythical multi-headed demon king.

    'Harassed' Husbands Burn Effigy Of Ravana's Sister Surpanakha On Dussehra

    Another Khalistani Militant, 'Plotting To Kill' Parkash Singh Badal, Arrested In UP

    Another Khalistani Militant, 'Plotting To Kill' Parkash Singh Badal, Arrested In UP
    A suspected pro-Khalistan group member, who was involved in a plot allegedly to kill former Punjab chief minister Parkash Singh Badal, was arrested in Shamli district, police said on Friday.

    Another Khalistani Militant, 'Plotting To Kill' Parkash Singh Badal, Arrested In UP

    Cash-Strapped Punjab Govt Approves Luxury Cars For CM Amarinder Singh, Ministers

    While Punjab is reeling under a financial crisis, resulting in low salaries and high fuel prices, the state government has approved the entitlement of “high-end” luxury vehicles for the Chief Minister, ministers, MLAs and bureaucrats.

    Cash-Strapped Punjab Govt Approves Luxury Cars For CM Amarinder Singh, Ministers

    SGPC To Meet On Oct 22 Over Akal Takht Jathedar's Resignation

    SGPC spokesperson Diljit Singh Bedi said the resignation was received this morning in a sealed envelope addressed to SGPC president Gobind Singh Longowal.

    SGPC To Meet On Oct 22 Over Akal Takht Jathedar's Resignation