Gold posts poor sales on Dhanteras

Hyderabad’s jewellery stores registered poor gold sales on Dhanteras, when it is considered auspicious to buy precious metals.

A member of the Twin City Gold Merchants Association said gold sales over the past few months had been sluggish.

He said, “Sales have been poor on Dhanteras compared to last year. Gold prices have been fluctuating over the past months and that might be one of the reasons that people are hesitating to buy gold now.”

The head of a well known jewellery store located at Basheerbagh said, “It was not expected that gold sales would be so low this year on Dhanteras. The sales were slow the entire day and did not pick up.”

Jewellers are surprised as last year on Dhanteras gold price was higher compared to this year.

Last year Dhanteras fell on October 21 and the price was around `28,000 per 10 grams of 24-carat gold against `26,600 this year.

Another jeweller from Basheerbagh said, “Maybe once gold prices become stable sales will pick up”.

Dhanteras is considered to be an auspicious day for citizens of India for buying gold, silver and other valuables and is largely celebrated in North and West India.

According to jewellers and MMTC-PAMP India, the buying activity remained robust throughout the day at most places.

However, rains in Bengaluru and other parts of South India affected the gold demand to some extent, according to some experts.