Traders say the price of gold and silver is also likely to remain marginally high on Monday.
Gujarat bought precious metals by the ton on the auspicious day of Guru Pushyanakshatra on Thursday. But a similar situation is not expected again on Dhanteras, which falls on Monday.
Moreover, the price of gold and silver is likely to remain marginally higher on Monday.
"Guru Pushyanakshatra, which is considered very auspicious happened after four long years. Interestingly, even the prices were stable and marginally less on that day. Both these reasons encouraged customers to buy gold and silver. So we are not expecting a similar demand during Dhanteras," said president of Gem & Jewellery Trade Council of India, Shanti Patel.
People bought gold and silver on Thursday, and so the demand for it on Monday, is likely to be less, believes Patel. "Only those customers who have been purchasing precious metal on Dhanteras as part of a ritual or for spiritual purpose will come and buy it."
Agreeing with Patel, city-based bullion trader and analyst Girish Choksi said that even traders and retailers are not expecting much demand on Dhanteras. "On Pushyanakshatra, the gold prices were around Rs26,500 per 10 gram. While on Dhanteras, gold is likely to above the Rs27,000 levels. So price may also have an impact on demand," said Choksi.
Compared to Pushyanakshatra, the demand for gold and silver is likely to be very less, said Choksi. "We are not expecting much demand even from investors," he added.
However, the retailers are all set to cater to customers on Dhanteras. Interestingly, people also bought gold on Saturday. "We have been preparing for Dhanteras from Friday onwards. But lot of our stock was sold on Saturday itself. Now, if there is huge fluctuation in gold and silver prices, the demand will vary accordingly. Those who could not buy the metal on Pushyanakshatra, may but the same on Monday,” said director of AB Jewels, Manoj Soni.
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