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With rise in gold prices, Dussehra sales fail to strike rich with Mumbai buyers
Gold was priced at ₹32,600 per 10g, effectively leading to fewer buyers, who opted to buy 1,2 and 5-g coins or smaller jewellery, instead of bigger ones.
Dussehra could not bring cheer to the bullion trade as gold sales over two days raked in only ₹275 crore compared to the average of around ₹400 crore .
Gold was priced at ₹32,600 per 10g, effectively leading to fewer buyers, who opted to buy 1,2 and 5-g coins or smaller jewellery, instead of bigger ones.
“The gold prices have gone up, hence we prefer to buy smaller quantities,” said Bhavana Gala, a resident of Dadar. She said another issue is the inflation. “The money situation has become tight for most households and hence we spend money with caution,” she said .
Kumar Jain, vice-president, Mumbai Jewellers Association, said, “The cost of gold was a major deterrent. We did not get a good response, despite various schemes.”
He said various schemes like free or discounted labour charges, lucky draws as well as free equivalent amount of silver did not elicit much response from the buyers.
According to Pankaj Kothari, owner, Palak Jewellers at Parel, it was a bad day for most merchants. “The main reason is inflation as cost of essential commodities have risen manifold and people are saddled with other problems like rising EMIs. Gold being a luxury is the last priority and most of the people just bought small quantities for symbolic and religious purposes on Dussera,” said Kothari.
Maharashtra records an average sale of ₹175 crore daily, which peaks at ₹350-
₹400 crore during special occasions . Four festive days considered especially auspicious to purchase gold are Gudi Padwa, Akshay Tritiya, Dussehra and Dhanteras. India is one of the largest markets for gold trade and the world’s second-largest importer.
