Gold sales low on Dhanteras

This year, the festival of Dhanteras was accompanied with lowered buying enthusiasm for gold, reports say. Traditionally, the Indian festival of Dhanteras is a peak season for gold buying, when shoppers indulge in gold - they believe to symbolise prosperity and auspiciousness. Gold bars and coins are usually much in demand.

Although this year, inflation and the troubled economic situation have dented buyer enthusiasm, reports say. Jewellers noted sales of gold bars and coins drop between 25 to even 50 percent over last Dhanteras, despite the gold prices being lower than last year, reports suggest. This Dhanteras, gold prices were around Rs 31,400 per 10 grams from around Rs 32,000 – Rs. 33,000 per 10 grams on last Dhanteras, reports say. Investment demand in gold was low. Buyers have chosen silver over gold as token buying on this festive day.

Although, sale of gold jewellery for the wedding season has seen some good demand from buyers, reports say.