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Rush for all things affordable

Delhi's markets came alive on Dhanteras on Sunday with people crowding shops to land the best bargains. But with gold prices at an all-time high, people opted for more silver or even electronic items.

delhi Updated: Nov 12, 2012 00:18 IST
HT Correspondent

Delhi's markets came alive on Dhanteras on Sunday with people crowding shops to land the best bargains. But with gold prices at an all-time high, people opted for more silver or even electronic items.

Jewellery shops that till Saturday wore a deserted look were packed with buyers who bought silver coins and ornaments. Though the sale of gold jewellery picked up on Sunday, buyers preferred silverwares more.

"Gold has become unaffordable for middle-class homes. So, this year I have bought silver coins worth R4,000," said Dheeraj Basoya, a shopper in Karol Bagh.

Karol Bagh's Bank Street, Lajpat Nagar Market, Conn-aught Place, South Extension market and Chandni Chowk were filled to the brim with eager buyers who chose to buy more affordable items such as kitchenware and consumer durables.

Electronic appliances stores fared much better with long queues at the payment counters of some shops.

"People are buying the more affordable items, mostly as gifts," Kuldeep Bhasin, who has a shop in Karol Bagh's Ajmal Khan Road.

"Though all markets were crowded today, that didn't lead to good sales. There has been about 30% dip in Diwali sales this time compared to last year," said Praveen Khandelwal, secretary-general of Confederation of All India Traders (CAIT).

"Only items related to puja and Diwali celebrations sold in large numbers.," he said.

"The rate of gold in Delhi today is R32,100 per 10gm. People are buying gold for Dhanteras but in smaller volumes and the sales have seen a dip of 30% compared to last Diwali," said Vimal Kumar Goel, President, Delhi Bullion Jewelers Welfare Association.