Low worth fuels gold rush on Dhanteras in Odisha
3 min read
By Express News Service
BHUBANESWAR: The gold rush on the event of Dhanteras continued within the Twin City with the value of the yellow metallic coming down and virtually each jewelry outlet asserting alluring provides and reductions to attract the group this yr.
All small and large jewelry retailers in each Cuttack and Bhubaneswar have been teeming with patrons on the day with Dhanteras being thought-about essentially the most auspicious event to purchase one thing treasured.
On Sunday, the value of gold hovered between Rs 47,000 and Rs 48,100 for 10 grams of 22-carat gold and silver bought at Rs 590 per 10 grams. In August this yr, the value of gold was excessive at Rs 57,000 per 10 grams.
“Till Friday morning, the price of 10 grams of gold was even less. By night, the price rose by Rs 1,000 to reach Rs 48,100 but it was still less than the prices in August and September which favoured the gold demand and sales,” mentioned Sourav Roy, vice-president of Odisha Jewellers Association.
Although the precise quantity of gross sales was not identified by Sunday night, Roy mentioned it was even higher than in 2021 when gross sales had neared the pre-pandemic degree. In 2019, the value of gold ranged between Rs 39,000 and Rs 41,000 per 10 grams. On common, a minimum of 100-tonne gold is bought within the Twin City on Dhanteras.
This yr additionally noticed a change within the jewellery-buying development. Unlike the previous when light-weight jewelry was largely bought, this Dhanteras noticed the sale of heavy jewelry objects as properly with the wedding season approaching, mentioned Sridhar Epari, proprietor of Epari Sadashiv Jewellers.
“As gold is still considered a valuable hedge against inflation, people continue to invest in it. And after two years of muted wedding celebrations due to the Covid-19 pandemic, people are back in investing in heavy jewellery,” he added.
CEO of Khimji Jewellers Parth Sarthi mentioned that as a result of weekend and moderation within the gold worth, buyer footfalls throughout their showrooms have been encouraging. “For the upcoming wedding season, we are also receiving good response for heavier designs from our collection and expect more sales compared to last year’s Dhanteras,” he added.
BHUBANESWAR: The gold rush on the event of Dhanteras continued within the Twin City with the value of the yellow metallic coming down and virtually each jewelry outlet asserting alluring provides and reductions to attract the group this yr.
All small and large jewelry retailers in each Cuttack and Bhubaneswar have been teeming with patrons on the day with Dhanteras being thought-about essentially the most auspicious event to purchase one thing treasured.
On Sunday, the value of gold hovered between Rs 47,000 and Rs 48,100 for 10 grams of 22-carat gold and silver bought at Rs 590 per 10 grams. In August this yr, the value of gold was excessive at Rs 57,000 per 10 grams.
“Till Friday morning, the price of 10 grams of gold was even less. By night, the price rose by Rs 1,000 to reach Rs 48,100 but it was still less than the prices in August and September which favoured the gold demand and sales,” mentioned Sourav Roy, vice-president of Odisha Jewellers Association.
Although the precise quantity of gross sales was not identified by Sunday night, Roy mentioned it was even higher than in 2021 when gross sales had neared the pre-pandemic degree. In 2019, the value of gold ranged between Rs 39,000 and Rs 41,000 per 10 grams. On common, a minimum of 100-tonne gold is bought within the Twin City on Dhanteras.
This yr additionally noticed a change within the jewellery-buying development. Unlike the previous when light-weight jewelry was largely bought, this Dhanteras noticed the sale of heavy jewelry objects as properly with the wedding season approaching, mentioned Sridhar Epari, proprietor of Epari Sadashiv Jewellers.
“As gold is still considered a valuable hedge against inflation, people continue to invest in it. And after two years of muted wedding celebrations due to the Covid-19 pandemic, people are back in investing in heavy jewellery,” he added.
CEO of Khimji Jewellers Parth Sarthi mentioned that as a result of weekend and moderation within the gold worth, buyer footfalls throughout their showrooms have been encouraging. “For the upcoming wedding season, we are also receiving good response for heavier designs from our collection and expect more sales compared to last year’s Dhanteras,” he added.
