News Karnataka
Friday, March 29 2024
Cricket
Other

Only token gold sales on Dhanteras in Mumbai

Photo Credit :

Mumbai: The lower prices of gold have not lured buyers in Mumbai to loosen their purse strings and buy the precious metal on the occasion of Dhanteras, market players said Tuesday evening.

Gold is glittering this DhanterasThe prices have come down from around Rs.32,000 per 10 gm to around Rs.28,000 per 10 gm this year, but the market sentiments are hit by overall inflation and higher interest rates, arresting sales, said Mumbai Jewellers Federation president Rakesh Shetty.

“Owing to these factors, the market has been cool till evening, we expect at least a 35 percent drop in gold sales compared to 2013… The current retail price in Mumbai is Rs.27,750 but the majority of customers are only making token purchases of jewellery between Rs.3,000-Rs.6,000,” Shetty told IANS.

However, other retailers are hopeful the buying trends may improve as the main Dhanteras ‘muhurat’ is scheduled only after 7 p.m. Tuesday evening, an optimism that Shetty also endorses.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

To get the latest news on WhatsApp