Dhanteras Gold and Silver Purchases Surge: Sales up 20%, turnover value over ₹30,000 crore

The Dhanteras shopping spree for gold and silver gained momentum in the latter part of Friday, November 11, with traders and retailers anticipating a sales surge of up to 20 percent compared to last year, sources reported. 

This rise is attributed to the recent softening of prices from their peak.

Stores experienced a higher footfall, complemented by brisk online sales, as the relatively softer gold prices.

Prices have dropped from the peak of ₹63,000 per 10 grams observed ten days ago, and this has encouraged increased purchases, especially in lightweight offerings, it added.

Gold prices have witnessed a decline of ₹800-1,500 per 10 grams (24 carats) from the peak level on October 28, reaching ₹61,200 per 10 grams in the national capital on Friday.

This contrasts with the ₹50,139 per ten grams, excluding taxes, recorded on Dhanteras last year.

On average, Dhanteras witnesses the sale of about 20-30 tonnes of gold, marking it as the most auspicious day in the Hindu calendar for purchasing items, ranging from precious metals to utensils.

This year, the All India Gem And Jewellery Domestic Council (GJC) Director, Dinesh Jain, anticipates total sales to exceed 30 tonnes nationwide, surpassing the roughly 22 tonnes estimated for the same period last year.