Hyderabad: Sale of gold was lackluster this Dhanteras. The trend of purchasing electronics has diverted attention from gold and silver, to some extent feel experts. Some believe this could be an after-effect of the bifurcation too.
“The sales have been slow throughout the day, although in the evening they gained some momentum. But overall, sales have been less when compared to last year,” said Mohanlal Gupta, the adviser to Twin Cities Gold Merchants’ Association.
Meanwhile, buyers have shown a preference for stores selling electronic goods, household items and even vehicle showrooms, that have been showering discounts as well as other convenient offers, like exchange facilities and easy instalments.
“While the demand for jewellery and gold coins remains, people are also going for other purchases on auspicious days. The dip can be because of the recent bifurcation, as well, because purchases have generally been low after the state's division,” he added.
Prices are also be deterring buyers who now seem to prefer picking silver over gold. Prices have shot up to nearly Rs 28,000 per 10 grams, though a week ago 24 carat gold rate was about Rs 26,500 per 10 grams.
“I will buy a silver item instead of gold as silver is cheaper. In a couple of days the price of gold is sure to fall,” said Anjali M, a buyer. The bigger purchases (diamonds and gold sets), however, will continue to remain unaffected due to the sentimental value that they have, as per jewellers.
