Business Standard

Gold fails to glitter on Pushya Nakshatra

Related News

Higher gold prices and global financial crisis seem to have taken the sheen off gold business in Gujarat.

Every year gold buyers rush to purchase the yellow metal on ‘Pushya Nakshatra’ as it is considered an auspicious day for gold buying. However, gold buying on ‘Pushya Nakshatra’ has halved to 200-250 kgs this year.

According to Rajkot-based gold dealers, nearly 20-25 kg gold and gold jewellery combined were sold in Rajkot on this auspicious day.

The figure for Ahmedabad is 70-75 kgs. In fact, gold buying has declined by around 50 per cent to touch 200 t0 250 kgs in Gujarat on Pushya Nakshtra, which stood at 500-600 kg on same day last year.

In the wake of higher gold prices, consumers in Rajkot, Ahmedabad,Surat and Baroda are waiting for prices to cool down.

However, smaller town and cities traditional buyers continued to buy gold even as the prices were quite higher, traders said. With the gold prices coming down jewellers are expecting good busines on Dhan Teras and Diwali.

This year on Pushya Nakshatra gold prices hovered around Rs. 12,600 to Rs. 12,700 per 10 grams, which ruled at Rs. 10,150 to Rs. 10,300 same day last year. This has resulted in sharp fall in gold buying.

“Consumers believe gold prices to be higher. Gold prices have come down from Rs.14,000 level to Rs.12,800 per10 grams. Still, they are higher as they stood as low as Rs. 11,400 to Rs. 11,500 a month ago. If the prices decline to a level of Rs. 12,000, it may suppory buying on Dhan Teras”, said Balvantbhai Badani, president, Rajkot gold dealer association.

Read more on:   
|
|

Read More

Cotton yarn exports to touch record high in FY13

This financial year, cotton yarn exports are expected to touch an all-time high, owing to good demand from China. Textile Commissioner A B Joshi said ...

Quick Links

 

Market News

Mid-and small-caps on mutual funds' shopping list

HDFC Mutual Fund, Reliance Mutual Fund, IDFC Mutual Fund, SBI Mutual Fund and DSP Blackrock have bought shares of mid-and-small-sized companies ...

Jewellery shares rally ahead of festive season

PC Jeweller, TBZ, Gitanjali Gems, Tara Jewels, Lypsa Gems and Shree Ganesh Jewellery House are up 5-20% on BSE.

Devangshu Datta: Despite jitters, markets stay headstrong

The Indo-Chinese relationship remains on thin ice, but the markets have recovered on account of positive developments elsewhere

Sebi mulls prudential governance norms for stock brokers

The market regulator has proposed these norms to ensure that any adverse impact on the interest on investors as well as on the integrity of ...

Stock markets may see volatile trading this week: Experts

Movement of rupee against the dollar and crude oil price would continue to influence trading at the bourses

Back to Top