Gold jewellery sales are likely to increase by up to 15 per cent during 'Dhanteras' compared to last year as prices have steadied. Prices have also steadied and is ruling over Rs 19,500 per 10 grams level. Dhanteras is the first day of the five-day Diwali festival and is considered auspicious for buying gold and silver.
Gold prices, which had touched a high of Rs 20,120 on October 15, started falling on profit-taking, creating buying interest. Presently, prices have again started climbing due to a weakened US dollar. India's volume of gold in investments has grown by 264 per cent to 92.5 tonnes in the first-half of 2010 as compared to 25.4 tonnes in the previous corresponding period.
As the prices are so high, it is difficult for people to buy gold and they are diverting their funds towards consumer goods and home appliances. So volume-wise, the business will be less. However, value-wise it may be the same as last year.
Source : Rediff buisness
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