Insta
Soaring Prices Not A Problem: Gold Sales On Dhanteras Record A Figure Of 30 Tonnes
Indian shoppers look for gold jewellery and ornaments (NARINDER NANU/AFP/Getty Images)
The gold sales on Dhanteras was more than the expected as it was recorded to be around 30 tonnes, said the national secretary of Indian Bullion and Jewellers Association, Surendra Mehta.
He said that gold sales in the past few years used to be around 40 tonnes, but due to high prices and liquidity crunch in the market this year, it was expected that the sales might be around 20 tonnes. The sales have dropped by around 25 per cent as compared to last year.
"We didn't expect so much sales because the demand for gold in the domestic market was down due to high prices," Mehta said.
"The gold prices in the domestic bullion market are high due to the soaring prices of gold in the international market and increase in import duty on expensive metals in India. Therefore, the demand for gold was expected to be less when the festive season started, but due to the improved buying trends in the last three-four days, gold sales were recorded to be 30 tonnes on Dhanteras," Mehta told IANS.
The gold prices on Friday (25 October) closed at Rs 38,275 per 10 gm whereas last year the metal price was Rs 31,702 per 10 gm. The government has increased the import duty on expensive metals to 12.5 per cent from 10 per cent so as to reduce the import of gold due to which the precious metal became expensive in the country.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
