Guru Pushya Nakshatra doubles gold sales across Gujarat

Gold sales doubled, compared to normal days, in Ahmedabad and across Gujarat on Thursday, as buyers thronged jewellery stores to make the most of Guru Pushya Nakshatra, considered a propitious day to acquire gold.

“Strong gold sales have been reported in the city today because of Guru Pushya Nakshatra,” said Nathalal Soni, the president of Ahmedabad Gold Silver Jewellery Traders Association. “Sales hovered around the average mark in the morning, but gradually picked up as the day progressed.”

Pushya Nakshatra is considered an auspicious occasion to invest and acquire material such as gold. When Pushya Nakshatra falls on a Thursday, as was the case yesterday, it is known as Guru pushya nakshatra, and is believed to produce even more favourable circumstances.

Besides jewellery, gold coins and biscuits, were also in high demand throughout the day, said a jeweller. A notable trend was demand for diamond-studded jewellery, especially from the young buyers. Surat jewellers also had a good day.

Manoj Soni of AB Jewels, said, “Sales were high during the day and there was a steady flow of customers.” He said the fact that gold prices have fallen somewhat over the past few days has improved public sentiment. “Customers are willing to buy at the current price levels,” he said.

In Ahmedabad, gold price slumped to Rs16,500 per 10 gramme on Thursday from Rs17,000 per 10 gramme recorded a few days ago. Gold prices had peaked at Rs18,300 per 10 gramme in December 2009. “Only those who have to buy gold for marriage or other important occasions are buying, others are waiting for further correction in prices,” said a jeweller.

As for the current sales trend, Thursday was the third consecutive day of brisk sales after Aatham and Ramnavmi, said Tushar Choksi, the owner of Kantilal & Bros, a Surat-based jewellery outlet.

Deepak Choksi of D Khushalbhai Jewellers in Surat also confirmed that gold sales were high during the day. He said that people were comfortable buying at the current level, and that the sales would remain good if gold price remained stable.

Gold imports in the state between April-February were recorded at 186.16 tonne, almost 20% higher compared to the same period last year. Gold imports for the year are expected to exceed 200 tonne by the end of this financial year.