LUCKNOW As Diwali festivities began with Dhanteras on Saturday, the sale of gold and silver clocked good numbers in terms of money, but the quantity sold was lower compared to the previous year. Jewellers attributed this to the dip in prices of precious metals earlier this week which led to people restricting their purchases to smaller quantities in anticipation of a further dip.
The reduced price of 10 gms 24 carat gold was ₹1,32,400 while the price of 1 kg silver came down to ₹1,71,000. About 42 kg gold worth ₹55.61 crore was sold in the market during the day, which was less than 52kg gold worth ₹42.12 crore last Dhanteras. But in terms of business, it was the second highest in 21 years with the highest being ₹60.65 crore on Dhanteras in 2012.
For the third consecutive year, silver broke its own records in terms of business. About 850 kg of silver worth ₹14.54 crore was sold. The sale in terms of business was the maximum in 21 years, while the quantity of silver sold was the second highest, as per the charts with 1000 kg being sold on Dhanteras in 2024, shared Adesh Jain, senior vice-president, Chowk Sarrafa Association.
“The main reason for the dip in sales in terms of quantities is the sudden dip in prices from all time high prices - which was ₹5,000 decrease in gold and ₹25000 decrease in silver prices. Many people restricted their purchases to smaller quantities, anticipating further dip in the market. After the implementation of Goods and Service Taxes (GST), there was a decrease in gold sales on Dhanteras from 95 kgs in 2017 to 29 kgs in 2018. There has been a gradual upward trend in terms of quantity sold for the last couple of years. This year, however, about 10 kg less gold was sold than last year. While in terms of silver, the quantity dipped after an upward trend of three consecutive years,” said Jain.
{{/usCountry}}“The main reason for the dip in sales in terms of quantities is the sudden dip in prices from all time high prices - which was ₹5,000 decrease in gold and ₹25000 decrease in silver prices. Many people restricted their purchases to smaller quantities, anticipating further dip in the market. After the implementation of Goods and Service Taxes (GST), there was a decrease in gold sales on Dhanteras from 95 kgs in 2017 to 29 kgs in 2018. There has been a gradual upward trend in terms of quantity sold for the last couple of years. This year, however, about 10 kg less gold was sold than last year. While in terms of silver, the quantity dipped after an upward trend of three consecutive years,” said Jain.
{{/usCountry}}The utensils market also saw brisk business throughout the day. Lucknow Metal Merchants’ Association president Harishchandra Agrawal said utensils worth more than ₹100 crore were sold on the occasion.