This year, the price of gold is skyrocketing on Dhanteras and Diwali. Compared to last year, this year gold has become 33 percent more expensive. Last year in October 2023, the price of 24 carat gold per 10 grams was Rs 61,200, which when the market opens on the morning of 24 October 2024, the price of gold without GST is Rs 78,000 per ten grams and silver is trading at more than Rs 97 thousand per kg. Jewelers of Mumbai’s Zaveri Bazaar say that gold prices have increased by 33 percent since last year. Despite this, the industry is fully expecting the demand to increase on Dhanteras and Diwali. For this, we have also completed the stock. We hope that this year there will be 20 to 30 percent sales as compared to last year.
There is a tradition of buying gold and silver on Dhanteras and Diwali
National President of Indian Bullion Association, Prithviraj Kothari says that Indians’ tradition and sentiments are associated with gold. Buying jewellery, gold and silver on Dhanteras and Diwali is considered a sign of auspiciousness. Gold prices are at record levels, so we hope that the sale of gold and silver coins will increase along with jewellery. Kumar Jain of Ummedmal Trilokchand says that compared to last year, the price of gold has increased by 33 percent and returns have also increased with it. Therefore, people will definitely buy gold on Diwali Dhanteras. We hope that this year there will be 20 to 30 percent sales on Dhanteras and Diwali.
Demand for light weight jewellery will increase
Parag Jain of Ambika Jewellers says that there is a hope of demand for light weight gold jewellery this Diwali. The prices of light weight jewellery or gold and silver coins are decided according to the price of gold and silver on that day. He says that the price of gold has increased by more than 16 thousand rupees compared to last year. Last year, the same gold was available at 61 to 62 thousand rupees per ten grams, which is today on Thursday at 78 thousand rupees per ten grams. Shopping for the five-day Diwali festival will start from Dhanteras, we traders hope that this time the sale of jewellery will increase by 20 percent.
