Mumbai: Despite high price, some go for gold
After a lacklustre Dussera, buyers are looking at gold purchases ahead of Diwali, said tradersmumbai Updated: Oct 28, 2016 00:57 IST
After a lacklustre Dussera, buyers are looking at gold purchases ahead of Diwali, said traders.
India is the largest market for gold trade and the world’s
second largest importer. With the prices remaining at
Rs30,350 for 10gm, people are buying gold, considered auspicious, at least in small quantities.
Kumar Jain, vice-president, Mumbai Jewellers’ Association, said there has been a surge in demand from Sunday. “Many of the buyers who did not purchase during Dussehra are now making the purchase,” said Jain. “There is a positive sentiment among people.”
Pankaj Kothari, owner, Palak Jewellers, said, “Most people are buying gold coins of 2-5gm,” said Kothari. “Although we may not have bumper sales, it is a relief considering the drop in the business for the past few months,” he said. Last year, the gold priced was Rs25,471 for 10gm, while in 2014 it was Rs26,600 for 10gm.
The bullion trade sector has been going through a rough phase since the 45-day countrywide strike in March-April to protest against the levy of excise duty. After calling off the strike, jewellers faced an unexpected hike, with gold prices breaching the Rs31,000-per-10gm mark.