AHMEDABAD: Gold and silver sales remained buoyant on Dhanteras this time around reinforcing the festival’s status as the most auspicious day for purchasing precious metals. Estimates suggest that some 500kg gold and 2,000 kg silver was traded across Gujarat in a single day on Dhanteras, down 35% against last year's festival.
Gold price settled at Rs 52,400 per 10 gram on Friday. Jigar Soni, president, Jewellers’ Association of Ahmedabad (JAA) said, “Jewellery demand was mainly driven by wedding purchases, which were pre-meditated and people came in with fixed budgets.”
Industry players said that silver purchases too remained buoyant on Dhanteras. “Many invested in coins and bars for both silver and gold. People anticipate a rise in prices in both precious metals and therefore, they are investing on account of muhurat purchases,” said Soni.
Salim Daginawala, president, Surat Jewellers Association told TOI, “Contrary to our expectations, the market sentiments improved substantially during the festive season. The business was in the range of 70% of last year’s.”
Daginawala added, “About 90% of the customers in Surat bought jewellery for marriage and other occasions on Dhanteras.”
Divyesh Patadia president of Gems and Jewellery association, Rajkot said, “The sale on this Dhanteras is beyond our expectations.”