Zee Media Bureau
New Delhi: Gold prices, ruling at over Rs 30,000 per 10 grams, are unlikely to deter jewellery buying during Dhanteras Friday, considered auspicious to buy precious metal, compared to last year due to good monsoon and pent up consumer demand.
Gems and jewellery retailers are expecting around 25 percent growth in sales today.
As per experts, market sentiment is looking up and the prices have more or less stabilised. Moreover, good monsoon and pent up demand will boost sales.
After logging gains for two days, gold price yesterday headed lower by Rs 15 to Rs 30,700 per 10 grams amid a weak trend overseas. Silver cracked below the Rs 43,000-mark by falling Rs 300 to Rs 42,700 per kg due to reduced off-take by industrial units and coin makers.
Last couple of years were very bad for the industry and this year the sector is going to benefit from this pent up demand.
There is a lot of positive demand in the market and the jewellery consumer is back after the disastrous first half, which was affected due to strike by jewellers against the imposition of 1 percent excise duty.
Investment demand is going to be the big driver during this Dhanteras.
The demand was subdued till September, and since then it has slowly picked up due to upcoming wedding season and positive sentiment.
The sales will also be pushed by the various discounts and offers by jewellers. Light weight wearable jewellery are in vogue and coins will also be more in demand.
Meanwhile, leading stock exchange BSE has also decided to extend the trading session for Gold Exchange Traded Funds and Sovereign Gold Bond on October 28 till 1900 hrs on Dhanteras, a festival celebrated two days before Diwali.
With PTI Inputs