Monsoon boom gives fillip to gold buying in Chhattisgarh's Dhanteras market

Good monsoon coupled with advance salary and bonus to the government employees are adding glitter to the Dhanteras market in Chhattisgarh.

According to an estimate, the Dhanteras market is likely to transact a business of over Rs 600 crore this year. Last year, a business of about Rs 525 crore was transacted in the state on the occasion believed to be auspicious for buying the precious metals.

The delay in harvest following late monsoon initially disappointed the traders. The latter feared that the Dhanteras market would not glitter as the cash flow from the rural pockets would be severely affected. But by evening, people thronged the main markets across the state for Dhanteras buying.

“The response in the market is overwhelming,” Jitendra Barlota, Working President of Chhattisgarh Chamber of Commerce and Industry, said. Heavy rush could be seen in the market that started business in the second half of the day and the trend was likely to continue till late evening, he added.

According to Barlota, the farmers were yet to harvest the yield but anticipating a good crop, heavy buying could be seen. A good monsoon has resulted in better yield this year. Moreover, a whopping Rs 10,000 crore would be pumped in the rural economy of the state as the government agency procure paddy from the farmers paying minimum support price (MSP).

The bonus announced for the central government employees and the advance salary to the state government employees has also resulted in good cash flow in the Dhanteras market. The state government disbursed salary to its employees on October 26 itself instead of November 1.