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Tuesday, August 11, 2020

Waiting for no further dip in price, customers go in for some gold indulgence

With three festivals considered auspicious to purchase gold, Akshay Tritiya, Gudi Padwa and Dhanteras, people are keeping an eye on the price correction, so that the moment prices fall, they can shop for gold.

Written by Garima Rakesh Mishra | Pune | Updated: November 10, 2015 5:14:22 am
People shopping for gold at Lakshmi Road on Monday on the occasion of Dhanteras. (Tanmay Thombre) People shopping for gold at Lakshmi Road on Monday on the occasion of Dhanteras. (Tanmay Thombre)

SINCE MARCH this year, people are keeping a close watch on the gold prices – ready to grab all that glitters the moment prices tumble.

With three festivals considered auspicious to purchase gold, Akshay Tritiya, Gudi Padwa and Dhanteras, people are keeping an eye on the price correction, so that the moment prices fall, they can shop for gold.

Urmila Kanetkar, an enthusiastic shopper, said she had read somewhere that gold prices may dip up to Rs 20,000 per 10 grams, and decided not to shop on Akshay Tritiya and Gudi Padwa. However, with no signs of it going lower than Rs 25,700 per 10 grams, she decided not to wait any further and indulge in some shopping on Monday, the day when the country marked Dhanteras. “I felt the prices will not fall any further and therefore, I decided to buy gold,” she said.
Many like Kanetkar rushed to jewellers across the city to buy gold and silver on this auspicious day. There was heavy footfall across city gold shops with some customers seen even standing in queues at the sales counters for hours.

Jewellers like Lagu Bandhu, Kalyan Jewellers and Ashtekar Brothers stated that the sale has been better this year than last Dhanteras, even though gold price stood at Rs 22,700 per 10 grams last year.

Commenting on the possibility of dip in prices of gold, Sourabh Gadgil, chairman and managing director of PN Gadgil Jewellers said, “Unless there is a cut in the import duty –the chances of which seem unlikely–gold prices are not going to fall.”

Looking at the footfall till the first half of Monday, he said, “the sale is likely to be more than 15 per cent compared to last year the same time.”

Pointing to other factors playing a role this season, he said, “With real estate market not doing well, people are looking at gold as an investment option. For many customers, the approaching wedding season in November and December, is another reason to buy gold.”

A sales team at the Ashtekar Jewellers, Laxmi Road, said that gold purchase is on in full swing this year. “The articles most in demand are pure gold coins and vedhana (strings of gold),” he said.

Fatehchand Ranka, president of Pune Saraf Association, talking of new trends, said, “This year it is silver that’s selling more than gold since people worship silver idols and coins during Laxmi puja.”

PN Gadgil Jwellers has introduced a new set of silver articles shaped in different forms of firecrackers such as anaar, phuljhadi and so on. Prashant Pandey, one of the customers, said, “Every year, I purchase silver items as I believe it brings more luck to me.”

Another shopping enthusiast, UK-based Paul Hipwood, who is on his second trip to the city to buy ‘special made-in-India gold articles’, said, “I am looking for a ‘gold mouse’ that I saw last year during the Ganesh Festival. I have heard from residents here that making your wish in the ear of the mouse fulfills your dream. I was fascinated by this. Therefore, I am here looking for the gold mouse.”

With inputs from Aditya Mahajan

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