Sunday, November 3, 2013

Dhanteras ends with a tear in the age of onions

Sparks are missing in this year\'s Dhanteras as high gold prices coupled with a liquidity crisis have pushed down sales of gold and silver.

Gold jewellery sales are down almost 20% while silver demand has declined almost 40% though the price of the metal softened on Friday by 3% to. 49,500 per kg. Shoppers shied away from bigticket purchases while there was some movement in the midlevel category (up to. 75,000).

Jewellers and bullion traders attribute this drop to gold prices climbing to. 32,000 per 10 gm on Dhanteras day as the rupee dropped 36 paise to 61.86 against dollar in late morning trade. The investment demand for gold has dropped drastically, with coin and bar sales plummeting 80% on Dhanteras day, which is considered an auspicious day according to Hindu religion.

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