Indian shoppers spent an estimated Rs 1 lakh crore in the course of the Dhanteras competition this yr, pushed by strong gold and silver purchases regardless of sharp worth will increase, a number one merchants’ physique mentioned on Saturday.
The Confederation of All India Merchants mentioned gold and silver gross sales alone accounted for Rs 60,000 crore of the entire, marking a 25% enhance from final yr, as customers flocked to bullion markets regardless of gold costs surging 60% year-on-year to cross Rs 1,30,000 per 10 grams.
“The previous two days have seen an unprecedented rush in jewelry markets,” mentioned Pankaj Arora, nationwide president of CAIT’s jewelry chapter, the All India Jewellers and Goldsmith Federation.
Delhi’s bullion markets recorded gross sales exceeding Rs 10,000 crore, he mentioned in an announcement.
Dhanteras, celebrated on the thirteenth day of the Hindu month of Kartik, is taken into account an auspicious day for buying gold, silver, utensils and different objects symbolising prosperity. It marks the start of the five-day Diwali competition.
Silver costs additionally climbed roughly 55% to Rs 1,80,000 per kilogram from Rs 98,000 final yr, however demand remained robust as shoppers view treasured metals as safe investments, CAIT mentioned.
