Many Punekars prefer to buy gold amid lower rates on Dhanteras

Dhanteras 2023 has been a bumper day for many of those wanting to buy gold. As the gold rate on Dhanteraj, which was celebrated on Friday, was the lowest in three weeks, it played an important role in bringing customers to the stores across the city.

Avni Deshpande, a management executive was among those who purchased gold as rates were down at ₹61,700 for 10 grams. “Initially we planned to purchase only 10 grams gold but went for 25 grams as rates were down,” said Deshpande.

“We have seen huge crowds coming in since early morning at our stores across Maharashtra, from Tier 1 to Tier 3 cities and towns to pick up deliveries for pre-bookings as well as make token purchases. The general sentiment throughout the day has been to take some gold home to mark the auspiciousness of the day. We have seen huge demand for heavy jewellery, ahead of wedding season. At the same time there has been strong consumption of bullion and gold coins too,” said Saurabh Gadgil, chairman and managing director, PNG Jewellers

Many shops on Laxmi Road observed heavy footfall throughout the day with jewellers attributing it to positive sentiments in the market.

“Overall, there is a positive sentiment in market and as a result, the gold purchase was almost 20 per cent more than last year. This is also because rates have come down,” said Vastupal Ranka of Ranka Jewellers.

According to Gadgil, many people are celebrating Dhanteras till Saturday afternoon and thereafter Laxmi Pujan.

“So, we are expecting a continued surge in demand over the next five days for Diwali. The main categories driving sales are gold (85%), silver (5%), and diamond jewellery (10%). Gold, particularly in the form of coins and bars, is seen at about 30% of overall sales, with the remaining 70% comprising various jewellery, notably heavy jewellery pieces. Silver and diamond jewellery have also done well though they represent smaller portions of overall sales,” said Gadgil.

According to Atul Ashtekar, director, KRA Jewellers, this year, silver coins were also in high demand for gifting, especially in the corporate sector.

“People are choosing to gift silver coins for the festival season, even while the silver rates have increased. Last year, the Dhanteras rate for 24 KT Gold was ₹5,105/gms compared to a 19% growth in this year’s rates which is ₹6085/gms. Also, the pure silver bar was ₹58,900/kg last year, whereas this year it is ₹71800/ kg with a 21% growth.”