This story is from October 17, 2017

Dhanteras gold sales to touch 170 kg: Jewellers

After average gold sales on Pushya Nakshatra last week, jewellers across Gujarat have pinned hopes on Dhanteras for a boost in sales. Bullion traders and gold jewellers said that while sales will be less than last year, it will be better than Pushya Nakshatra.
Dhanteras gold sales to touch 170 kg: Jewellers
AHMEDABAD: After average gold sales on Pushya Nakshatra last week, jewellers across Gujarat have pinned hopes on Dhanteras for a boost in sales. Bullion traders and gold jewellers said that while sales will be less than last year, it will be better than Pushya Nakshatra. With muhurat purchases in the form of gold jewellery and coins 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,” said Haresh Acharya, national secretary, Bullion Federation of India.
Last year, some 250kg gold was traded across the state, indicate estimates by bullion traders. The prices of the yellow metal stood at Rs30,900 per 10 gram (including 3% GST) on Monday and gold analysts claim that it is likely to remain the same.
“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,” said Shanti Patel, president, Gems and Jewellery Trade council.
Some bullion traders claim that investors are more likely to invest in stock markets than in gold and therefore, the jewellery has higher demand than coins and bars. According to a rough estimate, 70% purchases are that of jewellery while 30% is that of coins and bars.
The demand for silver is also significant. “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,” said Nanalal Soni, Ahmedabad Gold-Silver Jewellers Association.
Car dealers rejoice upbeat sales
Ahmedabad: It is raining offers on car purchases and dealers are thoroughly rejoicing the growth in car bookings in the festive season. While dealers claim that business is slower as against last year’s festive season, still it helped to meet sales targets. “We’ll be delivering around 110 cars on Dhanteras alone. Since there is a shortage of cars, we’re unable to take more bookings,” said Ajit Mehta, a city-based Toyota dealer.
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