'Gold prices may rise 20% on Dhanteras'

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Agencies: Mumbai, Nov 09 2012, 18:04 IST

returns in the last few years, SMC Comtrade Chairman and Managing Director D K Aggarwal said, "Gold rate has risen by Rs 4,000-8,000 per ten gram on each Dhanteras day in last five years. Despite high rates, consumers continue to buy."

In the short-term, gold rates are, however, unlikely to decline below Rs 30,000 per 10 gram, he added.

Geetanjai Group Chairman and Managing Director Mehul Chowksi said, "High prices will not be a barrier for Indian consumers. We expect 10 per cent increase in sales in volume terms on Dhanteras."

P P Jewellers Director Pawan Gupta expressed similar views on sales front. "We are expecting better sales on Sunday despite prices remaining high. We see demand for Hallmark jewellery to surpass gold and silver coins because of greater awarness about quality certificate."

India, the world's largest consumer of gold, is expected to import 750-800 tonnes in 2012 calendar year, down from 969 tonnes in the last year.

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