Dhanteras is around the corner and precious metal markets across the country are ready to welcome a wave of customers. After a Covid slump in the past two years, the markets and shops are finally expecting hood sales this year. Gold will be sold the most on Dhanteras and this time the prices are estimated to be higher than they were last year during the festival.
This year, gold is estimated to be costlier by about Rs 4000 (per 10 grams) on October 23, the day of Dhanteras, as compared to last year. However, jeweller associations are confident about the increase in gold sales this festive season.
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Gold’s spot rate in the bullion market is running around Rs 52,000 at present. Last year, Dhanteras fell in November and the spot rate at the time was recorded to be around Rs 48,000. The Indian Bullion Jewellers Association’s data suggests that the spot price for 24-carat gold was Rs 47,904 per 10 grams on November 2 (the day of Dhanteras) last year and this year the price for the same was recorded as Rs 52, 175 as of October 17.
According to Business Today, Mumbai and Kolkata saw gold prices to be around Rs 50,800 on October 18 per 10 grams for the 24-carat section while the 22-carat gold is trading at Rs 46,460. In Delhi, the 24-carat and 22-carat gold are trading at Rs 50,830 and Rs 46,610 per 10grams respectively.
Anuj Gupta, Head of Commodity Research, IIFL Securities, says that this year the wedding season will arrive immediately after Dhanteras leading to a rise in demand on the day of Dhanteras for the precious metal. A total of 30% rise in sales as compared to last year can be expected on October 23. Anuj revealed that about 50 tonnes of gold was sold on Dhanteras (November 2) in 2021 and this year the figure could reach 55-60 tonnes.