The trend of rising sales of Pushyanakshatra onwards to Dhanteras has raised hopes that the post-Diwali NRI and marriage season will also witness healthy sales
The hope that gold and jewelry sales on Dhanteras will outgrow Pushyanakshatra sales came true, reviving the hope for sales during winter, ahead of the marriage season.
A conducive monsoon and expected normal production in agriculture is also an indication that the demand from rural areas will be good this year, say jewellers.
Gold worth Rs 150 crore and silver worth Rs 20 crore is estimated to be traded on Dhanteras, according to sources in Shree Choksi Mahajan – Manek Chowk, the hub for gold trading in Ahmedabad.
While consumers sought both jewelry and bullion, the demand for bullion was higher than jewellery, said Shantibhai Patel, President of Gems and Jewelry Trade Council of India. "Gold bars constituted about 65 per cent of the total sales," he said. The trend of rising sales of Pushyanakshatra onwards to Dhanteras has raised hopes that the post-Diwali NRI and marriage season will also witness healthy sales.
The tension between North Korea and USA has pushed up prices. Baring this, the price of gold and silver have remained stable. "Pushyanakshatra and Dhanteras sales are an indication that the upcoming season after Labh Pacham will be good. GST is on its way towards stabilisation and KYC norms have been relaxed. All these put together will push sales up,"said Patel.
Gold of 99.5 purity stood in the range of Rs 30,450-30,750 in Ahmedabad, while silver of 0.995 fineness was priced in the range of Rs 39,900-40,400, according to sources in Choksi Mahajan.
Jigar Soni, secretary of Ahmedabad Jewelers Association, said show rooms had started receiving footfalls from morning and gained momentum in the evening. While the market sentiments improved, Soni said that the restriction in cash purchase of gold and KYC norms are still fresh in buyers' mind and these category of buyers are staying away from making big ticket purchases, like they did in previous years. "There is fear that the government may scrutinise these transactions anytime. So people are making small ticket purchases," he said.
For jewellers, the occasions of Pushyanakshatra and Dhanteras have proved to be a good omen in an otherwise dull season as market players complained of lack of liquidity in the market. Government's restriction of upper limit of Rs 50,000 for the purchase of gold was a major handicap. Citing the anger in the market, the government rolled back the limit to Rs 2 lakh.
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