Gold, silver shine on Dhanteras

Gold and silver coins sales, including those bearing Ashok Chakra, sparkled on Dhanteras on Monday, with sales estimated to have gone up by up to 25 per cent from last year as consumers went on a buying spree lured by lower prices.

Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables and is largely celebrated in North and West India.

According to jewellers and MMTC-PAMP India, the buying activity remained robust throughout the day at most places. However, rains in Bengaluru and other parts of South India affected the demand to some extent.

“It was mostly gold and silver coins that were doing brisk business. Overall, the demand was more or less at last year’s level,” All India Gems & Jewellery Trade Federation chairman Sreedhar G. V. said.

“The sales are likely to be 15-20 per cent higher than last year. Much of the sales were coins in smaller denominations. The lower price helped boost the demand,” GJF director Haresh Soni added.

Echoing similar views, MMTC-PAMP India president (marketing) Vipin Raina said, “Consumers are buying for an auspicious reason. More than jewellery, there is a strong demand for gold and silver coins. We see sales of gold coins to rise by up to 25 per cent and silver coins may double from last Dhanteras.”

There’s demand for Ashok Chakra coins as well, which were launched recently by the Prime Minister and are being sold through 125 MMTC outlets across the country, he added.