Bookings shot up on Sunday; jewellers expect city to buy 300 kg gold on Pushyanakshatra.
If jewellers in the city are to be believed, Amdavadis are likely to buy as much as 300 kg of gold (worth Rs95 crore) on Pushyanakshatra day on Tuesday. Compared to last year, the value of gold purchased has gone up by more than 11%. In terms of volume, however, the demand is likely to remain the same this year.
The demand for gold coins and jewellery in the city began to show a rise on Sunday itself. Jewellers are optimistic that the gold rush that will start on Tuesday will continue till Dhanteras on November 11.
“Gold prices have come down in the last two days and we are getting enquiries and bookings for delivery on Tuesday. Some people are afraid that gold prices may rise suddenly. For this reason, they have paid in advance but will take delivery on the auspicious Pushyanakshatra day,” said Shanti Patel, president of Gem & Jewellery Trade Council of India.
He further said that in Ahmedabad, Saurashtra and some other parts of Gujarat, the maximum purchase of gold during the festive season is witnessed on Pushynakshatra day and not on Dhanteras. “As of now, buyers appear more interested in gold coins than jewellery. They are buying the coins only as investment. The demand for 1 gram, 5 gram and 10 gram coins is the highest, while 20 gram and 50 gram coins are also selling well,” Patel said.
Manoj Soni, director of AB Jewels, holds the same views as Patel. He too said that a rush for gold became evident from Sunday morning itself. “As gold prices are likely to fall further, the demand for gold in the city will rise. I am expecting Amdavadis to buy as much as 300 kg of gold,” said Patel.
In the festive season last year, gold prices had hovered around Rs27,500 per 10 gram. “This year, we are expecting gold to trade below Rs31,000 per 10 gram in Ahmedabad. This year too customers are more interested in gold coins than jewellery. Those who want to buy gold for weddings are already buying and will continue to do so on Tuesday as well,” said Girish Choksi, bullion trader and analyst.
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