Visit Indian Travel Sites
Goa,
Kerala,
Tamil Nadu,
Andhra Pradesh,
Delhi,
Rajasthan,
Uttar Pradesh,
Himachal Pradesh,
Assam,
Sikkim,
Madhya Pradesh,
Jammu & Kashmir
Karnataka
|
Gold buyers throng shops for auspicious buys ahead of Diwali |
Buyers thronged shops to
buy gold during Dhanteras, a gold buying festival that falls before Diwali, the
festival of lights. Jewellery showroom owners say demand has shot up more than
last year, ane believe it is a sure sign of an economic turnaround. "Demand is
very good in the market because the people are actually coming out of the recession.
So this time, the demand is very good but somehow it is affecting the price fluctuation
also. But that hardly matters. That's hardly five per cent. But the demand is
better than the last year," said Shiv Jindal, Managing Director, Jindal Diamonds
and Gems Pvt. Ltd. However, some customers said the global meltdown has affected
their pockets, forcing them to limit their purchases. "There is an effect. Everyone
wants to buy gold as per his or her budget during 'Dhanteras," said Manoj Shah,
a customer. Traders expect an over 50 per cent drop in sales as high prices strangle
demand. "There is an effect of recession like any other sector but Diwali is a
festival that is celebrated by poor as well as rich," said Ganesh Puralkar, Director,
Swami Samarth Diamond and Jewellery Showroom, in Mumbai. The word "Dhan" stands
for wealth and it falls on the thirteenth day of the Kartik month. Thus, on this
day, it is believed to be auspicious to buy gold. Gold demand rises during the
festive season because many people consider gold an auspicious metal and like
to buy or give it as a gift. |
|
|
|
|
|