Notwithstanding, higher prices of gold and silver, consumers today thronged the doors of jewellery showrooms and shops to buy jewellery on Dhanteras, an auspious day in Hindu calender for buying precious metals.
Contrary to last Diwali, silver beat gold in winning the hearts of consumers in terms of volumes traded.
Gold and silver prices are ruling at all time high levels. The gold prices have surged more than two times in last five years. Last Dhanteras, gold was quoted around Rs. 6,900 per 10 grams, which is now Rs. 16,200 per 10 grams. Silver price has also doubled to Rs. 27,000 per kg at present.
Citing reasons for cosumers preference to silver over gold, Rohitbhai Javeri of Iswarlal Harjivandas Jewellers in Ahmedabad, says that most of the consumers bought gold on Pushya Nakshtra. As a result, gold buying is lesser in Dhanteras.
According to him, about 360 kg of silver and 225-250 kg of gold was traded in Gujarat last year on Dhanteras. In comparison, total sales of gold and silver this Dhanteras are estimated to be 100-150 kg and 400-500 kg respectively.
In Gujarat, 500 kg gold was sold in Pushya Nakshtra, while 1,000 kg silver was traded on the same day.
The demand for gold and silver jewellery has improved to 35 to 40 per cent this year as compared to 25 per cent last year. “Cheaper cost of silver than gold lured many consumers. Consumers are not willing to buy gold at these price levels. They are awaiting fall in prices,” said Balvant Badani, president, Rajkot Gold Dealers Association.
