Dussehra gold sales up 30% over last year | business | Hindustan Times
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Dussehra gold sales up 30% over last year

Gold buyers desperate to make the most of the dip in prices of the yellow metal thronged markets on Dussehra, pushing sales up by 30% as compared to the same time last year. This, despite a nearly Rs7,000-hike in gold prices from Dussehra in 2010.

business Updated: Oct 07, 2011 01:16 IST
Manish Pachouly

Gold buyers desperate to make the most of the dip in prices of the yellow metal thronged markets on Dussehra, pushing sales up by 30% as compared to the same time last year. This, despite a nearly Rs7,000-hike in gold prices from Dussehra in 2010.

On Thursday, 24-karat gold was being sold at Rs27,000 per 10gm, which was still lower than the Rs29,800 it retailed at six weeks ago. The price of the metal on Dussehra last year was around Rs20,500 per 10 gram.

Kumar Jain, vice president of Mumbai Jewellers Association and owner of Umedmal Tilockchand Zaveri jewellery store at Daagina Bazar in South Mumbai confirmed the 30% rise in demand this year. Jain said a large number of buyers turned up on Thursday fearing gold prices would spike again during Diwali and the wedding season.

“I thought this was the best time to buy gold, as prices could increase again during Diwali,” said Sana Haji, who bought 250gm of gold on Thursday.