Robust demand for gold brings glitter to Dhanteras mahurat | Mumbai News – Times of India

MUMBAI: As expected, Tuesday’s festival of Dhanteras marginally lifted the cloud of gloom that has beset the economy since the Covid-19 lockdown. Industry federation CAIT expected the sales of gold to cross a record Rs 7,500 crore nationwide.
Tuesday’s rate for 22-carat gold was Rs 46,740 per 10 gm while that of 24-carat gold was Rs 47,740.
In Mumbai, mahurat customers flocked to buy small items of jewellery while wedding buyers chose high-value ornaments. After a series of idle festive seasons, jewellers were so busy they declined to speak until the close of business hours.
As the day wore on, the sale of gold coins outstripped jewellery in parts of the city, which is unusual given the surfeit of upcoming wedding ceremonies. Typically, ornaments fare better than bullion during the wedding season. However, the trend towards coins indicates that Mumbaikars are once again relying on pure gold as an investment amid an unstable economy and spiralling fuel prices.
Festive shopping continued up to 10.30pm given customer preference for the evening mahurat. Nitin Khandelwal, past president of the All India Gem and Jewellery Council (GJC), owns a chain of showrooms. He said, “Traders nationwide are very pleased. We had kept our expectations low since the pandemic is still not fully behind us, but the robust demand has surprised us. Our store ran out of gold coins in the evening and we quickly sourced more stock.”
Khandelwal said the auspicious mahurat of Guru Pushya Yog, which fell last Thursday, also saw brisk buying sentiment. “It took 25% of the load off Dhanteras,” he said.
Ashok Gajera, director of Laxmi Diamonds, a top-ranking wholesale diamantaire of Bharat Diamond Bourse said Diwali had seen a good start. “Customers have turned to jewellery, both gold and diamonds, owing to the increased volatility in other forms of investment. Jewellery has been a solid stable investment. Our sales are 40% higher this season.”
Zaveri Bazar goldsmith Kanaya Kakad said, “People were buying coins ranging from 2-10 gm. There were large queues for buying silver and gold in Zaveri Bazar.”
Exuberance brimmed over in the tone of goldsmith Sanjay Kothari of Palak Jewellers, Borivli. He said, “Clients are arriving in large numbers to buy jewellery as well as gold coins. After such a prolonged period of dismal sales, trade is finally looking up. I had thought nothing would become of us at Diwali but it has been a good day for business.”
Similar feelings were echoed by Mehul Suru, manager of Om Alankar Jewellers nearby, who said “the ratio of coins to ornaments was 70:30”. In Andheri Lokhandwala, KAJ Jewellers also reported that coins fared better than jewellery in the same proportion.


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