No gold rush for dhanteras - The New Indian Express

No gold rush for dhanteras

Published: 02nd November 2013 11:12 AM

Last Updated: 02nd November 2013 11:12 AM

Unlike previous years, demand for gold on Dhanteras was sluggish in the Capital City this year.  Dhanteras, the day when Hindu households usher in Goddess Lakshmi to their homes, did not see many of the gold merchants making brisk business.

Even as buying gold on the occasion is not an Odia tradition, it has turned into one here in the past few years. Normally, the festive season from October to November brings cheer to jewellers and gold traders as the demand for the yellow metal rises significantly. Market experts claim that 20 to 25 per cent of annual gold sale are made during these two months.

“This was, however, not the scene this time. Although there was not much difference in the price of gold compared to last year, demand was affected by cyclone and heavy rain.

The festive sales begin from Durga Puja. But, not many came forward to buy gold following the cyclone. Even for Dhanteras, volume of gold sale dropped by 20 to 30 per cent,” said Mitesh Khimji, Director, Khimji.

According to Sanjay Hans, Director, Lalchand Jewellers, the festive gold sale is calculated for a period of seven days including the Dhanteras.

 “While there was no sale in the last six days, it was only on Friday that people turned up to buy gold. It is definitely less than last year,” he said. While 22 carat of the precious metal on Friday was sold at `29,880 per 10 grams, 24 carat gold cost `32,400 per 10 grams.

Analysts said gold buyers stuck to the budget system of buying gold rather than weight system.

“The price is no more affecting people who have a fixed budget to purchase gold. It is more about an amount that people earmark to buy gold during this season,” said Epari Sridhar of Epari Sadashiv Jewellers.

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