Low price fuels gold rush on Dhanteras in Odisha

Although the exact volume of sales was not known by Sunday evening, Roy said it was even better than 2021 when sales had neared the pre-pandemic level.

Published: 24th October 2022 09:36 AM  |   Last Updated: 24th October 2022 06:33 PM   |  A+A-

People checking out gold ornaments at a jewellery shop in Bhubaneswar. (Photo | Express)

By Express News Service

BHUBANESWAR: The gold rush on the occasion of Dhanteras continued in the Twin City with the price of the yellow metal coming down and almost every jewellery outlet announcing alluring offers and discounts to draw the crowd this year.

All small and big jewellery shops in both Cuttack and Bhubaneswar were teeming with buyers on the day with Dhanteras being considered the most auspicious occasion to buy something precious.

On Sunday, the price of gold hovered between Rs 47,000 and Rs 48,100 for 10 grams of 22-carat gold and silver sold at Rs 590 per 10 grams. In August this year, the price of gold was high at Rs 57,000 per 10 grams.

“Till Friday morning, the price of 10 grams of gold was even less. By night, the price rose by Rs 1,000 to reach Rs 48,100 but it was still less than the prices in August and September which favoured the gold demand and sales,” said Sourav Roy, vice-president of Odisha Jewellers Association.

Although the exact volume of sales was not known by Sunday evening, Roy said it was even better than in 2021 when sales had neared the pre-pandemic level. In 2019, the price of gold ranged between Rs 39,000 and Rs 41,000 per 10 grams. On average, at least 100-tonne gold is sold in the Twin City on Dhanteras.

This year also saw a change in the jewellery-buying trend. Unlike the past when lightweight jewellery was mostly purchased, this Dhanteras saw the sale of heavy jewellery items as well with the marriage season approaching, said Sridhar Epari, owner of Epari Sadashiv Jewellers.

“As gold is still considered a valuable hedge against inflation, people continue to invest in it. And after two years of muted wedding celebrations due to the Covid-19 pandemic, people are back in investing in heavy jewellery,” he added.

CEO of Khimji Jewellers Parth Sarthi said that due to the weekend and moderation in the gold price, customer footfalls across their showrooms were encouraging. “For the upcoming wedding season, we are also receiving good response for heavier designs from our collection and expect more sales compared to last year’s Dhanteras,” he added.


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