Gold sales surge 30% on Dhanteras

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Gold prices are ruling around Rs 32,000 per ten gram in national capital and Rs 32,100 in Mumbai. (Reuters) Gold prices are ruling around Rs 32,000 per ten gram in national capital and Rs 32,100 in Mumbai. (Reuters)
SummaryGold prices are ruling around Rs 32,000 per ten gram in national capital and Rs 32,100 in Mumbai.

Gold sales rose by up to 30 per cent today as demand for wedding jewellery attracted more buyers on the auspicious Dhanteras despite high prices.

Currently, gold prices are ruling around Rs 32,000 per ten gram in the national capital and Rs 32,100 in Mumbai.

"Although we were not expecting, sales have been very good. We expect better sales compared to last Dhanteras," P C Jeweller, Managing Director Balram Garg said.

P C Jeweller has 30 showrooms across the country.

Another city-based P P Jewellers Director Pawan Gupta said, "The rush of buyers clearly indicates that high prices have not dampened demand. We expect 25-30 per cent sales."

Dhanteras is considered as an auspicious day for making new purchases, especially precious metals.

Jewellery retailers at the Chandi Chowk market said much of the demand was for jewellery as compared to gold and silver coins and bars last year's Dhanteras.

However, some retailers in the capital like Omsons Jewellers said sales were down as compared to last year's Dhanteras and small size gold coins and jewellery dominated the festival sales.

Whereas in the financial capital Mumbai, UT Zaveri retail chain owner Kumar Jain said, "The footfall this year was more than expectations. We see 25-30 per cent growth in sales in terms of volume."

Asked if I-T searches at the jewellery market in Zaveri Bazaar hit sales, Jain, who is also Vice-President of Mumbai Jewellers Association, said: "I-T raid was done on 'Angadia' (informal bankers) and not on bullion retailers and traders. So business was brisk."

Tribhovandas Bhimji Zaveri Marketing Head Kiran Dixit said, "Footfalls were much higher than last year and inclination towards jewellery are more than coins this year due to the wedding season, which starts immediately after Diwali."

As the Dhanteras muhurat is till 2 PM tomorrow and the gold buying will continue, he added.

Besides purchase of physical gold, investment in gold exchange-traded funds (ETFs) showed a record improvement on the National Stock Exchange.

NSE recorded a traded value of Rs 1,337 crore in gold ETF's on a special trading session on Dhanteras, as against Rs 636 crore on the same festival last year, an official statement said.

As much as 4,441 kg worth of gold was traded on the exchange platform, the NSE added.

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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