Hyderabad: There was a 50 per cent drop in the sale of gold for Dhanteras ahead of Diwali as compared to last year. Regular customers who buy gold on this auspicious occasion gave it a miss as the markets do not have sufficient liquid cash.
Mr Vijay Kumar Aggarwal, president of the Twin City Jewellers Association, said, “Customers who came to the shops purchased gold for the sake of formality to mark the occasion. There was no enthusiasm to buy gold.
Customers who would usually purchase for `1 lakh bought only for `10,000 this year.”
A similar situation was noted across all sections of society, the people were extremely cautious in their buying of gold.
The gold price stood at Rs 36,870 for 10 grams on Saturday and could have been one of the factors for suppressed the purchases. Mr Mahender Dayal, president of Hi-Tech Jewellers Association, said, “Regular customers came in our part of the town too but the sales have been the same as last year. It has not been high.”
