Dhanteras, Diwali Amid festive rush today, gold may rally to Rs 1.40 lakh

Chandigarh Jewellers Association president Rajeev Sahdev told The Indian Express, “The price of 10 grams of 24-carat gold may soar up to Rs 1.40 lakh on Dhanteras. Last Diwali, the rate was Rs 80,000, while it was Rs 55,000 in 2023.

City jewellers had anticipated that the gold price might touch Rs 1.30 lakh by Dhanteras, but it went beyond their expectations.

As prices of different carats of gold consistently increase, people are purchasing silver coins for gifts. There were days when people would gift gold coins of 10 to 5 grams. Now, prices have gone so high that many switched to silver coins,” he added.

Automobile dealers expect good sales

Automobile dealers are also expecting good sales, as many people have already booked vehicles to get deliveries on Dhanteras.

Tejas, who owns the oldest Royal Enfield stores across Chandigarh, Punjab and Haryana, told The Indian Express, “We are having record sales, this time.”

“Not just bookings for tomorrow, but we have seen record sales this time. We aimed to sell 1,500 motorcycles between Navratri and Diwali. We are very close to our target. Our sales are up by 115 per cent this festive season compared to earlier seasons. Due to the GST benefit, we can do record numbers. On Dhanteras, we plan to sell nearly 100 bikes. We have successfully been selling, on average of 45-50 bikes daily since Navratri. This is the highest ever sale after Covid-19,” Tejas said.

Amanpreet, a resident of Moringa, drove down to Chandigarh to buy a Meteor 350. He will take the delivery on Dhanteras. “I specifically chose the auspicious day of Dhanteras to get my bike. The bike has become cheaper due to a GST cut. Also, shopkeepers usually give Diwali discounts too,” he said.

With traffic chaos expected on Saturday, traders have appealed to residents to walk to nearby markets to make visiting markets hassle-free.

“There is no point in getting stuck in long jams during festive days, so we have advised people to walk to nearby markets. Carpooling or cabs can be used for markets far off,” Kamaljit Singh Pannchi, President of the Chandigarh Traders Association in Sector 17, said.

As stalls have been permitted in parking spaces, many commuters park their vehicles on the lanes, leading to chaos.
However, traffic policemen have been deployed to manage chaos