8 tonnes: State buys Rs1,300 crore of gold in Diwali

In terms of volume it is not big but in terms of value it may be the highest ever. During Diwali week, Gujarat alone purchased around 8 tonnes of gold worth Rs1,300 crore.

The country as a whole bought 56 tonnes of the precious metal in the same period. Gujarat’s share in the total quantity of gold purchased across the country during the festive period thus comes to around 14%.

During Diwali week, gold was traded at around Rs16,000 per 10 gram; at this rate, the cost of eight tonnes of gold comes to around Rs1,300 crore.  The World Gold Council (WGC) said on Friday that a total of 56 tonnes - 56,000 kilos - of gold worth Rs9,000 crore was sold in India during Diwali week. It is difficult to map the sales state-wise but the WGC estimates that Gujarat’s eight tonnes constitute nearly 40% of the total gold sold in western India during the festive season.

Gold sales were the highest in western India where around 19.6 tonnes of gold was sold during Diwali week. It was followed by North India, South India and East India regions which purchased 16.8 tonnes, 11.2 tonnes and 8.4 tonnes, respectively.

WGC said gold sales in India had risen by 5.7% to 56 tonnes during the festive week. Gold buyers had thronged jewellery shops on Pushya nakshatra day, Dhanteras and Diwali, to make their traditional gold purchases.