BHUBANESWAR: Be it the attractive offers and discounts being offered by jewellers or the belief of Dhanteras being an auspicious occasion for buying gold, people of Twin City turned up at jewellery outlets in large numbers to purchase gold and silver on Tuesday. The substantial rise in price of the precious metals, gold in particular, notwithstanding.
On the day, 10 gram of 22 carat gold was selling at Rs 73,750, a rise of Rs 600 since Monday. Similarly, 24 carat gold sold at Rs 80,450 for 10 gram, also a rise of Rs 650 compared to Monday. The prices have significantly gone up this year as in 2023, cost of 10 gram of 22 carat gold was Rs 56,000 and that of 24 carat was Rs 61,700.
Attributing the rise in price to various geo-political reasons, jewellers said despite this people continue to invest in gold during Dhanteras. They added consumers are confident that their investment in gold is safe and will give substantial returns.
Vice-president of Odisha Jewellers Association Sourav Roy said this year, Dhanteras spreads over two days and an increase in footfall at jewellery outlets is expected till Wednesday. He said people are mostly purchasing light weight jewellery because of the price rise. And the purchases are targeted for the wedding season ahead.
Not only is the consumer base for gold on Dhanteras increasing but many popular jewellery outlets are also entering the Twin City market or expanding their business to cash in on this demand, jewellers said. In the run up to Dhanteras, the capital city saw opening of at least two new gold outlets.
The Twin City has over 200 jewellery stores. Each one of these outlets is offering heavy discounts on gold and ornament making charges besides free gold coins and other gifts to customers. Besides jewellery items, gold and silver coins were much in demand on the day. “Many customers are also opting to exchange old jewellery for newer designs, helping them make purchases affordable,” Roy added.