VIJAYAWADA: Dhanteras has added Diwali sparkle to bullion trade. It is a tradition to buy gold and valuables on Dhanteras.
Majority of traders failed to get good business during the festival season that began with Vinayaka Chavithi this year due to the Covid-19 pandemic.
Several people bought gold and silver on Friday marking the auspices Dhanteras.
“We did good business today though it is 30 per cent less compared to our sales on Dhanteras last year,” said Shyam Kumar, manager of Vijayawada branch of one of the leading jewellery store chains in the country.
“Our regular customers have bought gold despite the high price. There is a shift from buying gold to silver this year. But we are happy that we got good business,” he added.
Though there is a 35 per cent increase in the price of the yellow metal this year compared to Dhanteras last year, people bought gold in small quantities.
The price of gold on Friday stood at Rs 51,000 per 10 grams as against Rs 38,000 last year. The Covid-19 pandemic has adversely affected the purchasing power of people.
“Buying gold on Dhanteras is considered auspicious and it is also believed that it brings prosperity. Every year we buy at least 50 grams of gold. But this year we have bought only 20 grams as the gold prices are skyrocketing and we have incurred a loss in our business due to the Covid-19 induced lockdown,” said Sarthak Patel, who runs a saree showroom in the city.
Similarly, utensil traders also did good business.
“Many people believe that buying utensils on Dhanteras is auspicious and it brings prosperity to the family. We did a business of Rs 5 lakh today. We hope that the rise in sales will continue in the coming months,” said the manager of one of the leading kitchenware brands.