Gold sales dip on Dhanteras

Gold attained an all time high of Rs 10,685 for 10 grams today in Mumbai. Gold of 99.5 purity was up Rs 275 from yesterday on higher international prices. Yesterday, London gold closed at $822.4 an ounce and was traded at 841.8 in early trades in London.

High gold prices has spoiled the festive spirit on Dhanteras, which is considered an auspicious occasion for buying gold. Gold jewellery and coins saw at least 30 per cent dip in demand by late afternoon.

Consumers were wary of purchasing gold as the precious metal breached the Rs 10,500-mark. Chintamani Kaigaonkar, proprietor of Mumbai-based Chintamani Jewellers said, "The overall demand is down at least 25 per cent and it is not a great show. According to bullion traders demand for coins was slightly better than jewellery. However they were optimistic that the market will pick up later, the evening during the muharat time.