Gold Sales Surge Despite Rise in Prices
Pune/ New Delhi: Despite a sharp rise in prices in the last six months, there was enthusiasm in buying gold during Diwali.
The city's jewellers saw a rush of buyers to buy gold, combining muhurat, weddings and investments. So, this year too, the bullion market witnessed a big turnover.
New types of jewellery and purchases for weddings or other purposes in the market led to a rush in the bullion market during Diwali. There was also a lot of excitement among the jewellers due to the response from the customers.
Gold sales have definitely reached new highs during the Diwali period. In terms of weight, gold sales have dropped by 10-15 per cent compared to last year. However, in terms of value, turnover has increased significantly.
New milestones have been reached in the last six months due to the rising price of gold. Customers whose homes are going to have wedding ceremonies are now buying. At the same time, people who want to invest in gold have also bought it, said jewellers.
Will it cross the one lakh mark?
The price of 10 grams of gold is expected to cross the Rs 1 lakh mark in the next one to one-and-a-half years. Because there are two wars going on around the world. Investment in gold appears to be on the rise as the scope of the war appears to be widely expanded.
Experts in the field said that there is a strong possibility that the price of gold will increase from Rs 1.68 lakh to Rs 2 lakh in the next five years.
Mahendra Lunia, Chairman at Vighnaharta Gold Limited said, "Shopping during the Diwali season is considered auspicious for you. I think that's the reason it's buying right now. This year, sales have not received the expected response.
Amit Modak, Chief Executive Officer, PNG & Sons said, "However, in terms of turnover, the price has definitely gone up. In the next one to one-and-a-half years, the price of gold is expected to cross the Rs 1 lakh mark. War and the global situation are the main reasons behind this."
The rise in gold prices did not have a major impact on buying. There were fears that rising prices would reduce purchases. But in reality, that didn't happen. Gold sales have dropped by weight this year compared to last year. However, the value of the transaction has increased due to the increase in the price of gold. There has been enthusiasm among buyers during Diwali.
