Compared to year 2010, 5% rise in sales volume is expected on Guru Pushyanakshatra as price of the yellow metal has jumped 35% in a year
With gold prices remaining stable under the Rs27,000 per 10 gram levels, the demand is expected to rise on the auspicious day of Guru Pushyanakshatra, falling today. On this auspicious day, city is likely to see gold buying to the tune of Rs81 crore.
Last year, with gold price hovering around Rs20,000 per 10 gram, around 280 kg of gold worth around Rs55 crore was bought during Pushyanakshatra in Ahmedabad. “This year, we are expecting demand to rise by 5% to 7% in volume that is around 300 kg on Guru Pushyanakshatra,” said Manoj Soni, director of AB Jewels.
As the price has jumped by 35% in a year’s time, in terms of value, the gold buying is expected to rise by more than 45%. “At present, the gold is trading around Rs27,000 per 10 gram and looking at this price level, we are expecting huge demand. We have been receiving booking orders for past couple of days to get delivery of gold jewellery on Thursday,” said Soni.
According to experts, the auspicious timing for buying gold on Guru Pushyamrit yoga are from 10:30 am to 3:00 pm and 4:30 pm to 6:00 pm. Samir Shah, V-P of RiddiSiddhi Bullions Ltd, said, “Guru Pushyanakshtra has always seen a rise in gold demand. This festive season, we expect the demand to rise by 10-15% and a further reduction in gold prices can result in a rise of 20% in Gujarat.”
With prices stabilising, big Diwali season around, and wedding season ahead, physical demand is sure to see a surge. Demand for gold as an investment option as well as jewellery demand across country will rise too, said Ajay Mitra, MD, India and Middle East, World Gold Council.
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