Dhanteras shopping kicks off; high prices of gold, silver may dent sales

Pre-Diwali Dhanteras sales of gold and silver kicked off on Thursday but overall business is likely to be a muted affair in view of sharp rise in prices and subdued demand due to the COVID-19 induced economic hardship, according to jewellers and industry experts.

Although the buying sentiment has improved after the COVID-19 curbs were relaxed, consumers are still wary of investing in precious metal at current high rates, they said.

Jewellers also said they are recycling old jewellery stock to meet the festive and wedding season demand.

Besides, a caution still prevails among people while coming out of their homes for shopping amid rising COVID-19 cases in key consuming markets across the country, and consumers in view of the pandemic have made advanced booking through online jewellery platforms, they added.

Dhanteras, considered the most auspicious day in Hindu calendar for buying items, ranging from precious metals like gold and silver to utensils, is being celebrated for two days on Thursday and Friday this year.

Gold prices are ruling in the range of Rs 51,000-53,000 per 10 grams, more than 35 per cent higher than Rs 38,096 per 10 gram prevailed on Dhanteras 2019.

Similarly, silver prices have shot up to over Rs 62,000 per kg.

Speaking to

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