HYDERABAD: All that glitters may not be gold this Dhanteras and Diwali season, thanks to a 25-30% rise in the price of the yellow metal since last Dhanteras. Gold is now hovering near its life-high in the domestic and international markets.
After gold’s surge to its all-time high of $2,759 per ounce on Oct 23 in the international markets, it has been hovering above the $2,700 level since. In Mumbai’s spot markets, it was at about Rs 79,500-per-10 gram.
In comparison, it was at about the Rs 62,000 level last Dhanteras.
Though gold prices have softened a bit since last week’s record, the current high prices have left jewellers worried about a drop in sales this year compared to 2023.
According to Avinash Gupta, director at the All India Gem & Jewellery Domestic Council, the unprecedented rise in bullion prices is expected to dampen festive demand. “Every year, there is a visible Dhanteras rush before the auspicious day as people come to make bookings. (This year) that rush is missing.” Gupta said that this year, demand is high for gold jewellery with lower ticket sizes, those priced below Rs 1 lakh. “We expect token buying this Dhanteras and Diwali. Sales are expected to be lower by at least 20%,” he added. The yellow metal’s high-price situation has prompted jewellery players to add some sweeteners to coax buyers to walk into showrooms.
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