AHMEDABAD: After average gold sales on Pushya Nakshatra closing week, jewellers across Gujarat have pinned hopes on Dhanteras for a boost in sales. Bullion investors and gold jewellers stated that while sales will be not up to closing yr, it'll be higher than Pushya Nakshatra. With muhurat purchases within the type of gold jewelry and cash and bars, gold sales are likely to touch some 170kg on Dhanteras, which falls on Tuesday.
"Dhanteras is considered to be more auspicious muhurat compared to Pushya Nakshatra for buying gold. Therefore, purchases are likely to be marginally higher. Market demand, however, continues to remain low and sales will be lesser than last year," stated Haresh Acharya, national secretary, Bullion Federation of India.
Last yr, some 250kg gold used to be traded around the state, point out estimates by way of bullion investors. The costs of the yellow metal stood at Rs30,900 in keeping with 10 gram (together with 3% GST) on Monday and gold analysts declare that it is likely to remain the similar.
"Gold prices remained the same on Pushya Nakshatra as well. We don't expect a significant increase in prices on Tuesday. There are a fairly high number of wedding muhurats this time around, thus driving up gold purchases on Dhanteras," stated Shanti Patel, president, Gems and Jewellery Trade council.
Some bullion investors declare that investors are much more likely to invest in stock markets than in gold and therefore, the jewelry has higher demand than cash and bars. According to a rough estimate, 70% purchases are that of jewellery while 30% is that of cash and bars.
The demand for silver may be vital. "Silverware and artefacts apart from coins etched with religious symbols are in good demand and those who are firm believers of investing in a precious metal on Dhanteras will at least buy a 5-10 gram silver coin," stated Nanalal Soni, Ahmedabad Gold-Silver Jewellers Association.
Car dealers rejoice upbeat sales
Ahmedabad: It is raining offers on car purchases and dealers are totally rejoicing the growth in car bookings within the festive season. While dealers declare that industry is slower as towards closing yr's festive season, nonetheless it helped to satisfy sales goals. "We'll be delivering around 110 cars on Dhanteras alone. Since there is a shortage of cars, we're unable to take more bookings," stated Ajit Mehta, a city-based Toyota broker.
"Dhanteras is considered to be more auspicious muhurat compared to Pushya Nakshatra for buying gold. Therefore, purchases are likely to be marginally higher. Market demand, however, continues to remain low and sales will be lesser than last year," stated Haresh Acharya, national secretary, Bullion Federation of India.
Last yr, some 250kg gold used to be traded around the state, point out estimates by way of bullion investors. The costs of the yellow metal stood at Rs30,900 in keeping with 10 gram (together with 3% GST) on Monday and gold analysts declare that it is likely to remain the similar.
"Gold prices remained the same on Pushya Nakshatra as well. We don't expect a significant increase in prices on Tuesday. There are a fairly high number of wedding muhurats this time around, thus driving up gold purchases on Dhanteras," stated Shanti Patel, president, Gems and Jewellery Trade council.
Some bullion investors declare that investors are much more likely to invest in stock markets than in gold and therefore, the jewelry has higher demand than cash and bars. According to a rough estimate, 70% purchases are that of jewellery while 30% is that of cash and bars.
The demand for silver may be vital. "Silverware and artefacts apart from coins etched with religious symbols are in good demand and those who are firm believers of investing in a precious metal on Dhanteras will at least buy a 5-10 gram silver coin," stated Nanalal Soni, Ahmedabad Gold-Silver Jewellers Association.
Car dealers rejoice upbeat sales
Ahmedabad: It is raining offers on car purchases and dealers are totally rejoicing the growth in car bookings within the festive season. While dealers declare that industry is slower as towards closing yr's festive season, nonetheless it helped to satisfy sales goals. "We'll be delivering around 110 cars on Dhanteras alone. Since there is a shortage of cars, we're unable to take more bookings," stated Ajit Mehta, a city-based Toyota broker.
Dhanteras gold sales to touch 170 kg: Jewellers
![Dhanteras gold sales to touch 170 kg: Jewellers]()
Reviewed by Kailash
on
October 22, 2017
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