Dhanteras Gold Sales Volumes Marginally Down, Value Up
According to him, Dhanteras day would have seen around Rs 32,000 - Rs 35,000 crore of sales, which is 15% higher than last year.
Chennai: Dhanteras gold sales volumes are estimated to have either remained flat or dipped by around 5 per cent this year, while higher gold prices have helped sales values move up around 15 per cent to Rs 30,000 crore to Rs 35,000 crore. Silver demand is considerably down this time.
The rebound in gold prices following US mid-term polls brought enthusiasm in the gold market. “Buyers find that gold prices have bottomed out and expect Rs 2.40 lakh to Rs 2.45 lakh levels by next Dhanteras,” finds Saiyam Mehra, former chairman of All India Gem and Jewellery Domestic Council.
According to him, Dhanteras day would have seen around Rs 32,000 - Rs 35,000 crore of sales, which is 15% higher than last year. However, volumes are either flat or 5% down.
A portion of gold purchases also have moved into the grey market as the duties are 15% higher. The demand for 18-carat gold jewellery has been increasing in Bihar and Uttar Pradesh for quite some time, and this was seen on Dhanteras as well, 9 carat jewellery is trendy among Gen-Z buyers.
While the drop in prices and the rebound is working in favour of gold, over 50% decline in silver prices from their record high levels is working against the metal’s demand.
“Usually, we see people queuing up for silver coins in Zaveri Bazaar on Dhanteras day. That is absent this time. The silver premiums, which were up 20% last year are down to 2%. Clearly indicating the lack of demand,” he said.
Last year, sales of silver items, especially coins and puja articles, had surged nearly 40 per cent as the prices were shooting up.
