Gold to cost a bomb this Dhanteras

Despite the economic distress caused by the pandemic, the markets are all geared up to welcome customers this Dhanteras.

Dhanteras, which marks the beginning of the five-day festival of lights, is considered an auspicious day to buy metal, specially gold and silver - believed to bring luck and prosperity. Dhanteras is a festival where religious beliefs play an important role. Therefore, the quantity of buying may decrease but people will definitely buy.

Being auspicious as well as an instrument of high returns, gold is the first priority, however, this time buying yellow metal may pinch customers’ pockets.

Besides, the jewellers, other retail stores are expected to do brisk business on the auspicious occasion. People are expected to throng the markets to shop for utensils, copper and brass articles, electronic gadgets and vehicles. 

The gold price though dropped slightly on Wednesday, the eve of Dhanteras, however, the yellow metal would cost a bomb this festival as the prices as compared with last year have skyrocketed. Despite the surge in prices, gold is still the preferred choice of several households for reasons varying from safety to higher returns.

Last year, gold prices ranged from Rs 35,500-Rs 36,000 per 10 gram, however, the precious metal would cost around Rs 50,000 per tola. On Tuesday, gold was trading at Rs 51,000 per 10 gm, however on the Dhanteras eve the prices came down Rs 50,000.

Similarly, automobile showrooms are expected to do good business on this occasion. Show rooms of cars and bikes are all decked up to welcome the customers this Dhanteras. Automobile sector already witnessed a boom in business this time. Utensil shops, electronic stores, furniture showrooms are all geared up for the busy day ahead.

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Free Press Journal