New Delhi: While gold prices have been on the rise, the festive spirit was not affected as Indians crowded the shops this Dhanteras by spending close to ₹1 lakh crore on gold, silver, and other goods.
The Confederation of All India Traders (CAIT) estimates that the turnover of gold and silver trade only has reached ₹60000 crore, which is a 25% leap from the previous year even when the price of gold has been more than ₹130000 per 10 grams (approximately a 60% increase annually).
The day which is celebrated as the first day of the Diwali festival on Kartik Trayodashi observed the largest number of people flocking to jewellers’ markets all over the country. Delhi’s crowded market areas have done business worth over ₹10000 crore, with buyers and sellers remaining unfazed by the high prices.
It is a common belief that buying gold, silver, and utensils on Dhanteras brings good luck, which is the reason for this craze. CAIT also informed us that in addition to silver, there has been a very good demand for the metal even though its price has increased by 55% to ₹180,000 per kilogram.
The festival zeal did not stop at the jewellery market but also extended to the purchase of utensils and kitchen appliances (₹15000 crore), electronics (₹10000 crore), and decorative and religious items (₹3000 crore).
Last year, Dhanteras gold sales have been measured at ₹20000 crore, with retail trades totalling₹60000 crore, including 20.35 tonnes of gold. This year’s surge points to the country’s unshakeable love for gold, which has been driving prices to new peaks.
Markets were bursting with activities and added much festive spirit from Chandni Chowk, Delhi, to Zaveri Bazaar, Mumbai, and so on. “In spite of the steep hike, gold is still viewed as a safe investment and a need for the culture,” states a Delhi jeweller. This Dhanteras expenditure bonanza in India is definitely a sure sign of consumer confidence, and hence, the festive season will be shining with numerous successes.