A gold rush was experienced this Dhanteras, with around 30 tonnes of Gold sold on 25th October 2019, as reported by India Bullion And Jewellers Association (IBJA).
Crux of the Matter
Gold deals in the previous years used to be around 40 tons. Due to massive surge in prices and liquidity issues in the market this year, it was estimated that the sales would be around 20 tons.
The gold costs on Friday shut at Rs 38,275 per 10 gm while a year ago it was Rs 31,702 per 10 gm.
“The gold prices in the domestic bullion market are high due to the soaring prices of gold in the international market and increase in import duty on expensive metals in India. Therefore, the demand for gold was expected to be less when the festive season started, but due to the improved buying trends in the last three-four days, gold sales were recorded to be 30 tonnes on Dhanteras,” said Surendra Mehta, national secretary of IBJA,.
Curiopedia
Dhanteras is a Hindu festival celebrated in India on the thirteenth lunar day of Krishna Paksha in the Vikram Samvat Hindu calendar month of Karthik. Dhanvantari, who is also worshipped on the occasion of Dhanteras, is considered the God of Ayurveda who imparted the wisdom of Ayurveda for the betterment of mankind, and to help rid it of the suffering of disease. Read More
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