Ahmedabad: Gold Rain? No, it’s silver in this celebration season! Supported by optimistic demand for the Muhails of Festive Dussehra and Pushya Nakshatra, silver imports in October jumped to almost seven years high.
About 146 metric tons of silver imported in Gujarat in October according to data compiled by Ahmedabad Air Cargo Complex (AACC).
The last time silver imports was this high in December 2014, at 166.96 MT.
Traders and jewelry bars connect a surge in sales for the purchase of muhurat that occurred since Navratri, despite the increase in silver prices.
“Silver demand remains good for the past two months, not only for bars, coins and artifacts made of silver but even jewelry in both lively muhurats.
It is estimated that the price decline of 9% in early October does encourage jewelry to deliver for the celebration season and marriage that will be Come.
In addition, the increasing number of young professionals tends to buy more silver jewelry, which is light in his pocket and is equipped with an elegant and trendy design, “said Jigar Soni, President, India Bullion and Jewelers Association (IBJA) – Gujarat.
After a decline in prices last month, the silver price has strengthened once again to Rs 65,800 per kg as on Monday.
In addition to silver, gold demand is also optimistic about retail consumers and investors, who generously make muhurat purchases.
Gold imports reached 5.3 metric tons (MT) in October, up 110% against October 2020, suggesting AACC data.
This is largely driven by increased procurement by jewelry for the celebration season.
In fact, at least 400 kg of gold traded at Ahmedabad alone in the Muhatsan Festive Dussehra and Pushya Nakshatra.
The wedding will take place last year due to the pandemic situation and detained after Diwali and this has produced many hidden requests for gold.
“Wedding jewelry consists of most purchases during lively muhatat because people have ordered their orders for good delivery before.
The sale was good at Pushya Nakshatra.
In addition, the request of Bullion is also good.
People have realized the value of gold during a pandemic and investing In gold that targeted a handsome return for a long time, “Ashish Zaveri said, a Ahmedabad based jewelry.