Ahmedabad: The increase in gold prices took Sheen off sales in Gujarat on Dussehra, on Friday.
Although consumer sentiment remains optimistic, a surge in prices for the past two weeks maintains the purchase under the check.
The estimated Association of Bullion and Indian Jewelry (IBJA) shows that around 200kg of gold is sold in Gujarat in one day in Dussehra which is considered lucky to buy precious metals.
The price of gold reached Rs 49,250 per 10 grams on Friday.
“The price of gold rose by Rs 1,850 for the past two weeks, an increase from Rs 47,400 per10 grams on September 30 to Rs 49,250 per 10 grams on the day of Dussehra,” said Haresh Acharya, Director, Ibja.
“Supported by a marginal increase in international gold prices, coupled with the devaluation of Indian rupees against the US dollar, the price of yellow metals increases.” Muhurat buys jewelry fuel sales in Gujarat year after year.
Ahmedabad-based estimates of Jewelry suggested that purchases are mostly driven by wedding jewelry, shipping taken on Dussehra Muhatat.
“In addition to wedding jewelry, people come for new purchases too.
We see a good demand for lightweight jewelry that people use for everyday,” said Jigar Soni, President, Association of Jewelers’ Ahmedabad (JAA).
“Coins and bar requests are equally good, not only from regular investors but also from the younger generation, who have begun to save, in this pandemic era.” Manoj Soni, Ahmedabad based jewelry, said: “Demand for bars and coins is quite good, such as for jewelry.
But for high-value purchases, at least 50% of customers exchange old gold.” Even the silver request was good because a number of customers buying not just a bar , coins, and artifacts but also lightweight jewelry.