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Dhanteras
Prime Minister Narendra Modi on Saturday greeted the nation on Dhanteras, the festival that marks the beginning of Diwali celebrations. "Many happy Dhanteras wishes to all my family members across the country. On this auspicious occasion, I wish everyone happiness, good fortune, and health, Modi said in a post in Hindi on X. May Lord Dhanvantari shower his bountiful blessings on everyone, the prime minister said. Dhanvantari Trayodashi, commonly known as Dhanteras, is considered the first day of Diwali and celebrated on the 13th lunar day of the Krishna Paksha (waning period of the moon) of the Hindu calendar's Ashwin month. Dhanteras is considered the most auspicious day in the Hindu calendar for buying items, ranging from precious metals like gold and silver to utensils.
The gold demand in the country has strengthened during the key festival of Dhanteras, buoyed by a recent reduction in import duties and traditional buying patterns, a senior MMTC-PAMP official said on Tuesday. "The market sentiment for gold remains robust this Dhanteras season, with sustained demand for our pure gold products," MMTC-PAMP Managing Director and CEO Vikas Singh told PTI. The reduction in import duty from 15 per cent to 6 per cent has amplified festival season purchases, with consumers showing a strong preference for high-purity gold products, he said. "Customer preference for quality and purity continues to be a key driver in purchase decisions, particularly for our 24K gold products with 99.99 per cent + purity," Singh added. The positive momentum is expected to continue into the upcoming wedding season, which traditionally accounts for approximately half of India's annual gold consumption, Singh said. He noted that beyond seasonal factors, gold demand benefits from
Dhanteras has begun on a slow note and jewellers expect footfalls to pick up and sales to increase even as the high gold price is likely to dampen the festive demand for the yellow metal. "Being a weekday we are seeing few footfalls in the morning hours as people are going to attend office. However, we are expecting the rush from afternoon, that is 2-2.30 pm, till late evening," All India Gem And Jewellery Domestic Council chairman Saiyam Mehra told PTI. He said, volume-wise sales will be impacted due to the ruling high gold prices and expect to do business either 5 per cent lower than last year or same as last year this Dhanteras, which is considered an auspicious day for purchasing precious metals, gold and silver jewellery. "We are expecting 20 tonnes of sales this Dhanteras, which is the same as last year, however, higher gold prices may impact the sales," he added. Gold prices fell Rs 400 to Rs 81,100 per 10 grams in the national capital on Monday. The precious metal of 99.9 p
Dhanteras and Diwali demand for gems and jewellery this year is anticipated to remain strong despite rising prices, with Diwali sales potentially crossing Rs 30,000 crore in the domestic market, according to industry experts. Price hikes in precious metals are prompting consumers to view gold as a reliable asset, while silver is gaining popularity among people due to its relatively lower price and high industrial demand. Some experts estimate sales growth in value terms of 10-15 per cent year-on-year this Diwali across the country, though there may be a dent in volume. Silver has emerged as the top performer with returns exceeding 40 per cent, followed by gold at 23 per cent, significantly surpassing stock market benchmark returns. Eastern Regional Chairman of the Gems & Jewellery Export Promotion Council (GJEPC) said, Gold continues to shine due to global uncertainties and geopolitical conditions, while silver is drawing substantial interest as an affordable option. The Council .
Inflows in Gold Exchange Traded Funds (ETFs) witnessed a surge in the current calendar year, amid gains in yellow metal prices ahead of Dhanteras. Inflows into these funds have increased by nearly 88 per cent since the beginning of 2024, totalling Rs 1,232.99 crore in September, ICRA Analytics said in a statement. Gold prices advanced Rs 450 to hit another record of Rs 79,350 per 10 gram in the national capital on Thursday on the back of continued buying by jewellers and stockists, according to the All India Sarafa Association. Investors are drawn to gold ETFs due to their liquidity, transparency and global price alignment, which remains firm due to geopolitical headwinds. Concerns about physical gold storage, purity and theft have also contributed to the growing interest in such funds, ICRA said. According to ICRA Analytics Senior Vice President and Head Market Data, Ashwini Kumar, the US Federal Reserve's potential interest rate cut in the coming months is further boosting the .